Nuveen Asset Management LLC decreased its stake in Independent Bank Group, Inc (NASDAQ:IBTX) by 29.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,949 shares of the bank’s stock after selling 2,499 shares during the period. Nuveen Asset Management LLC’s holdings in Independent Bank Group were worth $383,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IBTX. State Street Corp raised its position in Independent Bank Group by 66.3% in the fourth quarter. State Street Corp now owns 289,139 shares of the bank’s stock valued at $18,045,000 after buying an additional 115,289 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Independent Bank Group by 37.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 342,807 shares of the bank’s stock valued at $21,391,000 after buying an additional 93,002 shares in the last quarter. AQR Capital Management LLC purchased a new position in Independent Bank Group during the fourth quarter valued at $1,543,000. Teachers Advisors LLC raised its position in Independent Bank Group by 27.8% in the fourth quarter. Teachers Advisors LLC now owns 22,852 shares of the bank’s stock valued at $1,426,000 after buying an additional 4,969 shares in the last quarter. Finally, Highbridge Capital Management LLC raised its position in Independent Bank Group by 84.0% in the fourth quarter. Highbridge Capital Management LLC now owns 16,925 shares of the bank’s stock valued at $1,057,000 after buying an additional 7,726 shares in the last quarter. Institutional investors own 41.47% of the company’s stock.
Shares of Independent Bank Group, Inc (NASDAQ:IBTX) opened at 55.65 on Friday. Independent Bank Group, Inc has a 12-month low of $42.73 and a 12-month high of $66.85. The firm has a 50-day moving average of $59.24 and a 200-day moving average of $60.71. The company has a market cap of $1.55 billion, a P/E ratio of 18.59 and a beta of 1.26.
Independent Bank Group (NASDAQ:IBTX) last posted 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. The firm had revenue of $80.50 million during the quarter, compared to the consensus estimate of $81.31 million. Independent Bank Group had a net margin of 23.52% and a return on equity of 8.43%. The company’s revenue was up 58.4% on a year-over-year basis. During the same quarter last year, the company earned $0.74 earnings per share. Analysts predict that Independent Bank Group, Inc will post $3.34 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Stockholders of record on Monday, August 7th were paid a $0.10 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.72%. Independent Bank Group’s payout ratio is 13.16%.
Several analysts recently commented on IBTX shares. Zacks Investment Research downgraded shares of Independent Bank Group from a “hold” rating to a “sell” rating in a report on Thursday, June 29th. Stephens reaffirmed a “buy” rating on shares of Independent Bank Group in a report on Monday, April 24th. ValuEngine raised shares of Independent Bank Group from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. BidaskClub downgraded shares of Independent Bank Group from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Finally, Sandler O’Neill raised shares of Independent Bank Group from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a report on Monday, June 26th. Two investment analysts have rated the stock with a sell rating and five have given a buy rating to the stock. Independent Bank Group currently has a consensus rating of “Hold” and an average price target of $69.60.
In other news, Director John Webb Jennings III sold 3,000 shares of Independent Bank Group 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 transaction, the director now owns 38,350 shares in the company, valued at $2,369,263. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 7.70% of the stock is owned by company insiders.
About Independent Bank Group
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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