HighTower Advisors LLC Lowers Holdings in Independent Bank Group, Inc. (NASDAQ:IBTX)

HighTower Advisors LLC reduced its holdings in Independent Bank Group, Inc. (NASDAQ:IBTX) by 18.1% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 246,756 shares of the bank’s stock after selling 54,690 shares during the quarter. HighTower Advisors LLC’s holdings in Independent Bank Group were worth $14,228,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Blue Trust Inc. boosted its holdings in shares of Independent Bank Group by 1,576.9% in the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after purchasing an additional 820 shares in the last quarter. CIBC Asset Management Inc bought a new stake in Independent Bank Group in the 3rd quarter worth approximately $204,000. Hancock Whitney Corp purchased a new stake in Independent Bank Group in the third quarter worth approximately $222,000. AQR Capital Management LLC purchased a new stake in Independent Bank Group in the second quarter worth approximately $212,000. Finally, Everence Capital Management Inc. purchased a new position in shares of Independent Bank Group during the third quarter worth approximately $273,000. 77.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Truist Financial cut their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday, October 23rd. StockNews.com started coverage on shares of Independent Bank Group in a research report on Sunday. They set a “sell” rating for the company. Finally, Keefe, Bruyette & Woods lifted their price objective on Independent Bank Group from $72.00 to $81.00 and gave the stock an “outperform” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $60.33.

Independent Bank Group Price Performance

Shares of Independent Bank Group stock opened at $67.19 on Friday. The company’s fifty day simple moving average is $61.62 and its two-hundred day simple moving average is $55.00. Independent Bank Group, Inc. has a 12-month low of $36.47 and a 12-month high of $68.66. The firm has a market cap of $2.78 billion, a PE ratio of -6.42 and a beta of 1.39. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26.

Independent Bank Group (NASDAQ:IBTX) last posted its 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). The business had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same period in the previous year, the business earned $0.79 earnings per share. As a group, equities analysts expect that Independent Bank Group, Inc. will post 2.7 EPS for the current 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 issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.26%. Independent Bank Group’s dividend payout ratio is presently -14.53%.

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.