Victory Capital Management Inc. Lowers Holdings in Independent Bank Group, Inc. (NASDAQ:IBTX)

Victory Capital Management Inc. trimmed its position in Independent Bank Group, Inc. (NASDAQ:IBTX) by 11.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,115 shares of the bank’s stock after selling 1,727 shares during the quarter. Victory Capital Management Inc.’s holdings in Independent Bank Group were worth $667,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC bought a new position in shares of Independent Bank Group in the 4th quarter worth $47,000. NBC Securities Inc. bought a new position in shares of Independent Bank Group in the 3rd quarter worth $55,000. Signaturefd LLC raised its position in shares of Independent Bank Group by 49.8% in the 3rd quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock worth $60,000 after acquiring an additional 503 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Independent Bank Group by 51.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock worth $108,000 after acquiring an additional 925 shares in the last quarter. Finally, Evergreen Capital Management LLC bought a new position in shares of Independent Bank Group in the 3rd quarter worth $204,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Group Stock Down 3.0 %

Independent Bank Group stock opened at $45.26 on Friday. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of 17.89 and a beta of 1.36. Independent Bank Group, Inc. has a 52 week low of $32.75 and a 52 week high of $53.25. The business’s 50-day moving average price is $42.23 and its 200 day moving average price is $44.26. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping the consensus estimate of $0.57 by $0.06. The firm had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. Independent Bank Group’s revenue for the quarter was down 15.3% compared to the same quarter last year. During the same period last year, the company earned $1.07 earnings per share. As a group, sell-side analysts anticipate that Independent Bank Group, Inc. will post 2.57 earnings per share for the current year.

Independent Bank Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Wednesday, May 1st. Independent Bank Group’s payout ratio is currently 60.08%.

Analysts Set New Price Targets

Several research firms have recently commented on IBTX. Keefe, Bruyette & Woods reduced their price target on Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating for the company in a research report on Friday, April 26th. Hovde Group reduced their target price on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 24th. Piper Sandler lowered Independent Bank Group from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $48.00 to $38.00 in a research report on Wednesday, April 24th. StockNews.com raised Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Finally, Truist Financial reduced their target price on Independent Bank Group from $52.00 to $46.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Independent Bank Group presently has a consensus rating of “Hold” and an average target price of $48.33.

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.