Hodges Capital Management Inc. Reduces Stock Holdings in Independent Bank Group, Inc. (NASDAQ:IBTX)

Hodges Capital Management Inc. cut its holdings in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) by 8.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 350,284 shares of the bank’s stock after selling 33,192 shares during the period. Independent Bank Group accounts for about 1.0% of Hodges Capital Management Inc.’s holdings, making the stock its 28th biggest position. Hodges Capital Management Inc. owned approximately 0.85% of Independent Bank Group worth $15,990,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Independent Bank Group by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock worth $212,694,000 after buying an additional 22,245 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Independent Bank Group by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after buying an additional 40,112 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Independent Bank Group by 4.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock worth $39,211,000 after purchasing an additional 35,806 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Independent Bank Group by 7.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock worth $21,817,000 after acquiring an additional 28,395 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new position in Independent Bank Group during the 3rd quarter worth approximately $6,326,000. 77.90% of the stock is owned by institutional investors and hedge funds.

Independent Bank Group Stock Up 2.6 %

Independent Bank Group stock traded up $1.14 during midday trading on Friday, reaching $45.52. The stock had a trading volume of 598,121 shares, compared to its average volume of 284,533. Independent Bank Group, Inc. has a 12 month low of $34.30 and a 12 month high of $53.25. The company has a market capitalization of $1.88 billion, a P/E ratio of 17.99 and a beta of 1.41. The company has a fifty day moving average price of $43.06 and a two-hundred day moving average price of $45.23. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.23.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The business had revenue of $119.10 million for the quarter, compared to the consensus estimate of $121.39 million. During the same quarter in the prior year, the business earned $1.07 earnings per share. Independent Bank Group’s revenue for the quarter was down 15.3% on a year-over-year basis. As a group, equities analysts expect that Independent Bank Group, Inc. will post 2.56 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.34%. The ex-dividend date was Wednesday, May 1st. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Truist Financial reissued a “hold” rating and issued a $50.00 price target (up previously from $46.00) on shares of Independent Bank Group in a research note on Wednesday, May 29th. Keefe, Bruyette & Woods reduced their price objective on Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating for the company in a research note on Friday, April 26th. Stephens reissued an “overweight” rating and set a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday, April 23rd. Hovde Group decreased their target price on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research note on Wednesday, April 24th. Finally, Piper Sandler upgraded Independent Bank Group from an “underweight” rating to an “overweight” rating and increased their target price for the company from $38.00 to $58.00 in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $52.33.

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.