Geode Capital Management LLC Boosts Stock Position in Independent Bank Group, Inc. (NASDAQ:IBTX)

Geode Capital Management LLC raised its holdings in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) by 1.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 879,076 shares of the bank’s stock after purchasing an additional 15,447 shares during the quarter. Geode Capital Management LLC’s holdings in Independent Bank Group were worth $50,697,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Louisiana State Employees Retirement System increased its stake in Independent Bank Group by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the bank’s stock worth $824,000 after buying an additional 300 shares during the period. Versor Investments LP bought a new stake in shares of Independent Bank Group during the second quarter valued at approximately $1,296,000. Victory Capital Management Inc. boosted its holdings in shares of Independent Bank Group by 5.5% in the second quarter. Victory Capital Management Inc. now owns 15,658 shares of the bank’s stock valued at $713,000 after purchasing an additional 810 shares during the period. Texas Permanent School Fund Corp increased its holdings in Independent Bank Group by 11.5% during the 2nd quarter. Texas Permanent School Fund Corp now owns 35,042 shares of the bank’s stock worth $1,595,000 after purchasing an additional 3,609 shares during the period. Finally, American Century Companies Inc. raised its position in Independent Bank Group by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 64,837 shares of the bank’s stock valued at $2,951,000 after purchasing an additional 6,951 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors.

Independent Bank Group Stock Performance

IBTX stock opened at $60.28 on Monday. Independent Bank Group, Inc. has a one year low of $36.47 and a one year high of $68.66. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of -5.76 and a beta of 1.39. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a 50-day simple moving average of $63.06 and a two-hundred day simple moving average of $56.29.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a negative net margin of 43.45% and a positive return on equity of 4.49%. The firm had revenue of $255.18 million for the quarter, compared to analysts’ expectations of $124.48 million. During the same period in the previous year, the company earned $0.79 EPS. On average, equities analysts forecast that Independent Bank Group, Inc. will post 2.7 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.52%. The ex-dividend date was Thursday, October 31st. Independent Bank Group’s dividend payout ratio is currently -14.53%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on IBTX. StockNews.com initiated coverage on Independent Bank Group in a research report on Monday, December 16th. They set a “sell” rating on the stock. Truist Financial cut their target price on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Independent Bank Group from $72.00 to $81.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Independent Bank Group currently has a consensus rating of “Hold” and an average target price of $60.33.

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.