Independent Bank Group, Inc. (NASDAQ:IBTX) Shares Purchased by Rafferty Asset Management LLC

Rafferty Asset Management LLC increased its holdings in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) by 58.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 58,428 shares of the bank’s stock after purchasing an additional 21,501 shares during the quarter. Rafferty Asset Management LLC’s holdings in Independent Bank Group were worth $2,973,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. FMR LLC increased its position in Independent Bank Group by 12.6% during the 3rd quarter. FMR LLC now owns 3,711,543 shares of the bank’s stock worth $146,792,000 after purchasing an additional 414,666 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Independent Bank Group by 1.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after acquiring an additional 40,112 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Independent Bank Group by 4.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after acquiring an additional 35,806 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Independent Bank Group by 7.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock valued at $21,817,000 after acquiring an additional 28,395 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in Independent Bank Group in the third quarter valued at approximately $6,326,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on IBTX. Piper Sandler raised shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $38.00 to $58.00 in a research report on Friday, May 31st. Keefe, Bruyette & Woods lowered their price objective on shares of Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. StockNews.com assumed coverage on shares of Independent Bank Group in a research note on Friday. They issued a “sell” rating for the company. Hovde Group dropped their price target on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research note on Wednesday, April 24th. Finally, Truist Financial restated a “hold” rating and issued a $50.00 price target (up previously from $46.00) on shares of Independent Bank Group in a research note on Wednesday, May 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $52.33.

Independent Bank Group Stock Down 1.0 %

Shares of NASDAQ:IBTX opened at $43.77 on Friday. The firm has a market cap of $1.81 billion, a PE ratio of 17.30 and a beta of 1.41. The company has a fifty day simple moving average of $42.49 and a 200 day simple moving average of $44.84. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.23. Independent Bank Group, Inc. has a 12-month low of $34.30 and a 12-month high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. The firm had revenue of $119.10 million during the quarter, compared to the consensus estimate of $121.39 million. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The firm’s revenue was down 15.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.07 earnings per share. On average, equities research analysts anticipate that Independent Bank Group, Inc. will post 2.56 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend was Wednesday, May 1st. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Independent Bank Group Company Profile

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.