Victory Capital Management Inc. Purchases 810 Shares of Independent Bank Group, Inc. (NASDAQ:IBTX)

Victory Capital Management Inc. grew its holdings in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) by 5.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,658 shares of the bank’s stock after purchasing an additional 810 shares during the quarter. Victory Capital Management Inc.’s holdings in Independent Bank Group were worth $713,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in Independent Bank Group by 7.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock worth $21,817,000 after buying an additional 28,395 shares during the period. BNP Paribas Financial Markets grew its position in shares of Independent Bank Group by 33.0% in the fourth quarter. BNP Paribas Financial Markets now owns 24,972 shares of the bank’s stock valued at $1,271,000 after purchasing an additional 6,203 shares in the last quarter. Relative Value Partners Group LLC bought a new stake in shares of Independent Bank Group during the 4th quarter valued at $217,000. The Manufacturers Life Insurance Company lifted its holdings in Independent Bank Group by 4.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after purchasing an additional 35,806 shares in the last quarter. Finally, Rafferty Asset Management LLC boosted its stake in Independent Bank Group by 58.2% in the 4th quarter. Rafferty Asset Management LLC now owns 58,428 shares of the bank’s stock worth $2,973,000 after purchasing an additional 21,501 shares during the period. Institutional investors own 77.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on IBTX. Keefe, Bruyette & Woods upped their price target on Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Truist Financial upped their target price on shares of Independent Bank Group from $65.00 to $66.00 and gave the stock a “hold” rating in a report on Friday. StockNews.com began coverage on shares of Independent Bank Group in a report on Thursday. They issued a “sell” rating for the company. Finally, Piper Sandler raised shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $38.00 to $58.00 in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Independent Bank Group has a consensus rating of “Hold” and an average price target of $58.33.

Independent Bank Group Price Performance

IBTX stock opened at $58.83 on Friday. The firm has a 50 day simple moving average of $55.86 and a two-hundred day simple moving average of $47.76. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market cap of $2.43 billion, a PE ratio of 23.25 and a beta of 1.38. Independent Bank Group, Inc. has a one year low of $34.50 and a one year high of $61.76.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Wednesday, July 24th. The bank reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. The business had revenue of $252.52 million for the quarter, compared to analysts’ expectations of $120.25 million. During the same quarter in the prior year, the firm earned $0.82 earnings per share. On average, analysts predict that Independent Bank Group, Inc. will post 2.86 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.58%. The ex-dividend date was Monday, August 5th. Independent Bank Group’s dividend payout ratio is currently 60.08%.

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.