Citigroup Inc. Has $4.10 Million Stock Position in Independent Bank Group, Inc. (NASDAQ:IBTX)

Citigroup Inc. reduced its stake in Independent Bank Group, Inc. (NASDAQ:IBTX) by 55.7% during the third quarter, Holdings Channel.com reports. The fund owned 71,054 shares of the bank’s stock after selling 89,508 shares during the period. Citigroup Inc.’s holdings in Independent Bank Group were worth $4,097,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its stake in Independent Bank Group by 1.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 485,269 shares of the bank’s stock valued at $27,981,000 after buying an additional 7,287 shares during the period. Intech Investment Management LLC grew its holdings in Independent Bank Group by 34.8% during the third quarter. Intech Investment Management LLC now owns 11,004 shares of the bank’s stock worth $634,000 after buying an additional 2,843 shares in the last quarter. Pathstone Holdings LLC grew its holdings in Independent Bank Group by 6.6% during the third quarter. Pathstone Holdings LLC now owns 27,102 shares of the bank’s stock worth $1,563,000 after buying an additional 1,688 shares in the last quarter. LMR Partners LLP bought a new stake in Independent Bank Group during the third quarter worth $330,000. Finally, Empowered Funds LLC grew its stake in Independent Bank Group by 6.3% in the 3rd quarter. Empowered Funds LLC now owns 107,275 shares of the bank’s stock valued at $6,185,000 after purchasing an additional 6,363 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.

Independent Bank Group Price Performance

Shares of Independent Bank Group stock opened at $66.63 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. The business’s 50-day moving average price is $60.82 and its 200-day moving average price is $54.48. Independent Bank Group, Inc. has a 12 month low of $36.47 and a 12 month high of $68.66.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The company had revenue of $255.18 million for the quarter, compared to the consensus estimate of $124.48 million. During the same quarter in the previous year, the business earned $0.79 earnings per share. Analysts expect that Independent Bank Group, Inc. will post 2.7 EPS for the current year.

Independent Bank Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s dividend payout ratio (DPR) is currently -14.53%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods upped their price objective on Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. StockNews.com started coverage on Independent Bank Group in a research report on Saturday. They set a “sell” rating on the stock. Finally, Truist Financial dropped their price objective on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Independent Bank Group has a consensus rating of “Hold” and an average price target of $58.83.

Independent Bank Group 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.