Geode Capital Management LLC boosted its position in shares of Independent Bank Group, Inc (NASDAQ:IBTX) by 8.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 95,018 shares of the bank’s stock after buying an additional 7,219 shares during the period. Geode Capital Management LLC owned approximately 0.50% of Independent Bank Group worth $6,109,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in IBTX. Vanguard Group Inc. raised its position in shares of Independent Bank Group by 16.1% in the first quarter. Vanguard Group Inc. now owns 521,867 shares of the bank’s stock worth $33,557,000 after buying an additional 72,484 shares during the last quarter. Menta Capital LLC bought a new stake in Independent Bank Group during the first quarter valued at about $2,227,000. Chartwell Investment Partners LLC bought a new stake in Independent Bank Group during the first quarter valued at about $13,564,000. California Public Employees Retirement System bought a new stake in Independent Bank Group during the first quarter valued at about $354,000. Finally, Principal Financial Group Inc. increased its stake in shares of Independent Bank Group by 157.7% in the first quarter. Principal Financial Group Inc. now owns 152,813 shares of the bank’s stock valued at $9,826,000 after buying an additional 93,513 shares during the last quarter. 41.47% of the stock is owned by institutional investors.
Independent Bank Group, Inc (NASDAQ:IBTX) traded down 0.27% during trading on Friday, hitting $55.65. The company’s stock had a trading volume of 106,280 shares. Independent Bank Group, Inc has a one year low of $42.73 and a one year high of $66.85. The firm has a market cap of $1.55 billion, a PE ratio of 18.59 and a beta of 1.26. The company has a 50-day moving average of $59.24 and a 200 day moving average of $60.71.
Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Monday, July 24th. The bank reported $0.82 earnings per share for the quarter, hitting the consensus estimate of $0.82. Independent Bank Group had a net margin of 23.52% and a return on equity of 8.43%. The business had revenue of $80.50 million during the quarter, compared to the consensus estimate of $81.31 million. During the same quarter in the prior year, the firm earned $0.74 earnings per share. The business’s quarterly revenue was up 58.4% compared to the same quarter last year. On average, equities analysts forecast that Independent Bank Group, Inc will post $3.34 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 7th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.72%. Independent Bank Group’s payout ratio is currently 13.16%.
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IBTX has been the topic of several research reports. Stephens restated a “buy” rating on shares of Independent Bank Group in a report on Monday, April 24th. Zacks Investment Research downgraded Independent Bank Group from a “buy” rating to a “hold” rating in a report on Thursday, April 27th. ValuEngine upgraded Independent Bank Group from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. BidaskClub downgraded Independent Bank Group from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Finally, Sandler O’Neill upgraded Independent Bank Group from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a report on Monday, June 26th. Two investment analysts have rated the stock with a sell rating and five have issued a buy rating to the stock. Independent Bank Group has a consensus rating of “Hold” and an average target price of $69.60.
In related news, Director John Webb Jennings III sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $61.78, for a total value of $185,340.00. Following the completion of the sale, the director now owns 38,350 shares in the company, valued at $2,369,263. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 7.70% of the stock is owned by company insiders.
Independent Bank Group Company Profile
Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), the Company provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. As of December 31, 2016, the Company operated 41 banking offices in the Dallas/North Texas area, the Austin/Central Texas area, and the Houston metropolitan area.
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