Independent Bank Group, Inc. (NASDAQ:IBTX – Free Report) shares dropped 2.6% during mid-day trading on Friday after Truist Financial lowered their price target on the stock from $43.00 to $40.00. The stock traded as low as $34.87 and last traded at $35.04. Approximately 129,782 shares changed hands during trading, a decline of 52% from the average daily volume of 267,704 shares. The stock had previously closed at $35.99.
IBTX has been the topic of several other reports. TheStreet lowered shares of Independent Bank Group from a “b-” rating to a “c” rating in a research note on Tuesday, April 25th. Piper Sandler lowered their target price on shares of Independent Bank Group from $55.00 to $48.00 in a research report on Wednesday, April 26th. Finally, StockNews.com upgraded shares of Independent Bank Group to a “sell” rating in a research report on Friday, June 16th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Independent Bank Group has a consensus rating of “Hold” and a consensus target price of $59.50.
Insider Transactions at Independent Bank Group
In other news, CEO David R. Brooks acquired 5,000 shares of the stock in a transaction that occurred on Thursday, May 4th. The shares were purchased at an average cost of $30.36 per share, for a total transaction of $151,800.00. Following the transaction, the chief executive officer now directly owns 545,977 shares in the company, valued at approximately $16,575,861.72. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO David R. Brooks acquired 5,000 shares of the stock in a transaction that occurred on Thursday, May 4th. The shares were purchased at an average cost of $30.36 per share, for a total transaction of $151,800.00. Following the transaction, the chief executive officer now directly owns 545,977 shares in the company, valued at approximately $16,575,861.72. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William E. Fair acquired 2,000 shares of the stock in a transaction that occurred on Thursday, May 4th. The stock was purchased at an average price of $30.56 per share, for a total transaction of $61,120.00. Following the completion of the transaction, the director now owns 219,571 shares in the company, valued at $6,710,089.76. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 14,548 shares of company stock worth $449,798. Insiders own 3.40% of the company’s stock.
Institutional Investors Weigh In On Independent Bank Group
A number of hedge funds and other institutional investors have recently bought and sold shares of IBTX. Capital Research Global Investors lifted its holdings in Independent Bank Group by 23.4% in the first quarter. Capital Research Global Investors now owns 3,042,982 shares of the bank’s stock valued at $216,539,000 after acquiring an additional 576,836 shares during the period. Norges Bank purchased a new stake in shares of Independent Bank Group in the 4th quarter worth about $21,711,000. FMR LLC lifted its holdings in Independent Bank Group by 13.9% in the 1st quarter. FMR LLC now owns 2,646,666 shares of the bank’s stock valued at $122,673,000 after purchasing an additional 323,183 shares in the last quarter. State Street Corp lifted its holdings in Independent Bank Group by 17.9% in the 1st quarter. State Street Corp now owns 1,987,217 shares of the bank’s stock valued at $141,410,000 after purchasing an additional 302,174 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Independent Bank Group by 123.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 313,406 shares of the bank’s stock valued at $21,283,000 after purchasing an additional 173,117 shares in the last quarter. Institutional investors and hedge funds own 73.99% of the company’s stock.
Independent Bank Group Stock Performance
The company has a market capitalization of $1.44 billion, a PE ratio of 13.84 and a beta of 1.37. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.06 and a current ratio of 1.06. The stock’s fifty day simple moving average is $35.47 and its 200-day simple moving average is $48.57.
Independent Bank Group (NASDAQ:IBTX – Free Report) last released its earnings results on Tuesday, April 25th. The bank reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.03). The firm had revenue of $213.93 million during the quarter, compared to analysts’ expectations of $149.58 million. Independent Bank Group had a net margin of 14.09% and a return on equity of 8.53%. During the same quarter last year, the company posted $1.22 earnings per share. As a group, equities analysts predict that Independent Bank Group, Inc. will post 3.81 earnings per share for the current year.
Independent Bank Group Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Thursday, May 4th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date was Wednesday, May 3rd. Independent Bank Group’s dividend payout ratio is currently 58.46%.
About Independent Bank Group
Independent Bank Group, Inc, through its subsidiary, Independent Bank provides various commercial banking products and services to businesses, professionals, and individuals in the United States. It accepts various deposit products, including checking and savings accounts, demand deposits, money market accounts, and certificates of deposit.