Texas Permanent School Fund Corp Purchases 7,171 Shares of Independent Bank Group, Inc. (NASDAQ:IBTX)

Posted by Defense World Staff on Aug 1st, 2023

Texas Permanent School Fund Corp lifted its stake in shares of Independent Bank Group, Inc. (NASDAQ:IBTX – Free Report) by 29.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,769 shares of the bank’s stock after purchasing an additional 7,171 shares during the quarter. Texas Permanent School Fund Corp owned 0.08% of Independent Bank Group worth $1,472,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in IBTX. New York Life Investment Management LLC lifted its position in shares of Independent Bank Group by 12.7% in the 4th quarter. New York Life Investment Management LLC now owns 7,973 shares of the bank’s stock worth $479,000 after purchasing an additional 900 shares during the period. SG Americas Securities LLC increased its stake in shares of Independent Bank Group by 557.7% in the 1st quarter. SG Americas Securities LLC now owns 15,575 shares of the bank’s stock valued at $722,000 after acquiring an additional 13,207 shares in the last quarter. Raymond James & Associates increased its stake in shares of Independent Bank Group by 50.8% in the 1st quarter. Raymond James & Associates now owns 8,455 shares of the bank’s stock valued at $392,000 after acquiring an additional 2,849 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Independent Bank Group by 29.0% in the 4th quarter. Victory Capital Management Inc. now owns 12,728 shares of the bank’s stock valued at $780,000 after acquiring an additional 2,861 shares in the last quarter. Finally, Advisory Research Inc. increased its stake in Independent Bank Group by 61.8% during the 4th quarter. Advisory Research Inc. now owns 13,492 shares of the bank’s stock valued at $811,000 after purchasing an additional 5,154 shares in the last quarter. 73.99% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Stephens restated an “overweight” rating and set a $41.00 price target on shares of Independent Bank Group in a research note on Tuesday, July 25th. Piper Sandler restated a “neutral” rating and set a $44.00 price target (up previously from $40.00) on shares of Independent Bank Group in a research note on Wednesday, July 26th. Truist Financial boosted their price target on shares of Independent Bank Group from $40.00 to $47.00 and gave the company a “buy” rating in a research note on Wednesday, July 26th. StockNews.com upgraded shares of Independent Bank Group to a “sell” rating in a research note on Friday, June 16th. Finally, TheStreet lowered shares of Independent Bank Group from a “b-” rating to a “c” rating in a research note on Tuesday, April 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Independent Bank Group has an average rating of “Hold” and a consensus price target of $50.40.

Insider Buying and Selling at Independent Bank Group

In other Independent Bank Group news, CEO David R. Brooks acquired 5,000 shares of the company’s stock in a transaction on Thursday, May 4th. The shares were acquired at an average cost of $30.36 per share, with a total value of $151,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 545,977 shares in the company, valued at $16,575,861.72. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO David R. Brooks acquired 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 4th. The shares were bought at an average cost of $30.36 per share, for a total transaction of $151,800.00. Following the completion of the transaction, the chief executive officer now owns 545,977 shares in the company, valued at $16,575,861.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William E. Fair acquired 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 4th. The stock was bought at an average price of $30.56 per share, for a total transaction of $61,120.00. Following the completion of the transaction, the director now owns 219,571 shares of the company’s stock, valued at approximately $6,710,089.76. The disclosure for this purchase can be found here. Insiders have acquired a total of 14,548 shares of company stock valued at $449,798 over the last three months. 3.40% of the stock is currently owned by insiders.

Independent Bank Group Stock Performance

NASDAQ IBTX opened at $44.87 on Tuesday. Independent Bank Group, Inc. has a 1 year low of $28.81 and a 1 year high of $76.00. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 20.87 and a beta of 1.35. The company has a fifty day moving average price of $37.65 and a 200-day moving average price of $45.33.

Independent Bank Group (NASDAQ:IBTX – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The bank reported $0.82 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.08). The company had revenue of $127.70 million during the quarter, compared to analysts’ expectations of $139.17 million. Independent Bank Group had a return on equity of 7.71% and a net margin of 10.68%. Independent Bank Group’s quarterly revenue was down 22.4% compared to the same quarter last year. During the same period last year, the firm posted $1.27 earnings per share. As a group, equities research analysts predict that Independent Bank Group, Inc. will post 3.4 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 17th. Investors of record on Thursday, August 3rd will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date is Wednesday, August 2nd. Independent Bank Group’s dividend payout ratio (DPR) is currently 70.70%.

About Independent Bank Group

(Free Report)

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.