Edgestream Partners L.P. Acquires New Holdings in Independent Bank Group, Inc. (NASDAQ:IBTX)

Edgestream Partners L.P. purchased a new position in Independent Bank Group, Inc. (NASDAQ:IBTX) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 61,064 shares of the bank’s stock, valued at approximately $3,521,000.

Several other institutional investors have also added to or reduced their stakes in IBTX. FMR LLC raised its position in Independent Bank Group by 8.1% during the third quarter. FMR LLC now owns 3,725,572 shares of the bank’s stock valued at $214,816,000 after acquiring an additional 279,112 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Independent Bank Group by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock valued at $105,456,000 after purchasing an additional 39,091 shares during the period. Charles Schwab Investment Management Inc. raised its position 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 purchasing an additional 7,287 shares during the period. Magnetar Financial LLC purchased a new stake in shares of Independent Bank Group in the 2nd quarter valued at $14,146,000. Finally, Westchester Capital Management LLC raised its holdings in shares of Independent Bank Group by 15.5% in the 3rd quarter. Westchester Capital Management LLC now owns 304,444 shares of the bank’s stock valued at $17,554,000 after buying an additional 40,944 shares during the period. Institutional investors and hedge funds own 77.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Truist Financial cut their price target 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. StockNews.com initiated coverage on shares of Independent Bank Group in a research note on Saturday. They set a “sell” rating on the stock. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $58.83.

Independent Bank Group Price Performance

Shares of IBTX stock opened at $66.92 on Monday. The company has a market capitalization of $2.77 billion, a PE ratio of -6.40 and a beta of 1.38. The firm has a fifty day simple moving average of $60.66 and a 200-day simple moving average of $54.23. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. Independent Bank Group, Inc. has a twelve month low of $36.47 and a twelve 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 analysts’ consensus estimates 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 business had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. During the same quarter in the previous year, the business posted $0.79 earnings per share. Equities research analysts anticipate that Independent Bank Group, Inc. will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.27%. Independent Bank Group’s payout ratio is -14.53%.

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.