Everence Capital Management Inc. Invests $241,000 in Independent Bank Group, Inc. (NASDAQ:IBTX)

Everence Capital Management Inc. purchased a new position in Independent Bank Group, Inc. (NASDAQ:IBTX) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,740 shares of the bank’s stock, valued at approximately $241,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of IBTX. JPMorgan Chase & Co. lifted its holdings in shares of Independent Bank Group by 0.9% in the first quarter. JPMorgan Chase & Co. now owns 121,723 shares of the bank’s stock worth $8,662,000 after buying an additional 1,035 shares in the last quarter. Raymond James & Associates bought a new position in shares of Independent Bank Group in the first quarter worth approximately $336,000. Citigroup Inc. increased its position in shares of Independent Bank Group by 12.6% in the first quarter. Citigroup Inc. now owns 32,838 shares of the bank’s stock worth $2,337,000 after purchasing an additional 3,680 shares during the last quarter. AlphaCrest Capital Management LLC bought a new position in shares of Independent Bank Group in the first quarter worth approximately $415,000. Finally, MetLife Investment Management LLC increased its position in shares of Independent Bank Group by 52.6% in the first quarter. MetLife Investment Management LLC now owns 19,897 shares of the bank’s stock worth $1,416,000 after purchasing an additional 6,859 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IBTX has been the topic of several research analyst reports. Stephens restated an “overweight” rating and issued a $61.00 price objective on shares of Independent Bank Group in a research report on Tuesday, January 23rd. Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Raymond James upped their price objective on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. StockNews.com upgraded shares of Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Finally, Truist Financial reduced their price target on shares of Independent Bank Group from $58.00 to $52.00 and set a “buy” rating on the stock in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Independent Bank Group currently has an average rating of “Moderate Buy” and a consensus target price of $54.20.

Independent Bank Group Stock Up 1.4 %

Shares of NASDAQ IBTX opened at $40.12 on Friday. Independent Bank Group, Inc. has a one year low of $28.81 and a one year high of $53.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.97 and a quick ratio of 0.97. The firm’s 50 day simple moving average is $43.66 and its two-hundred day simple moving average is $43.51. The stock has a market capitalization of $1.66 billion, a P/E ratio of 38.58 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Tuesday, January 23rd. The bank reported $0.62 earnings per share for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.04). The company had revenue of $116.92 million for the quarter, compared to analysts’ expectations of $123.83 million. Independent Bank Group had a net margin of 4.68% and a return on equity of 5.76%. The business’s revenue for the quarter was down 23.6% compared to the same quarter last year. During the same period last year, the company posted $1.20 EPS. As a group, analysts expect that Independent Bank Group, Inc. will post 2.88 EPS for the current fiscal year.

About Independent Bank Group

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.