AdvisorNet Financial Inc Boosts Stock Position in Independent Bank Group, Inc. (NASDAQ:IBTX)

AdvisorNet Financial Inc raised its stake in Independent Bank Group, Inc. (NASDAQ:IBTXGet Rating) by 15.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,374 shares of the bank’s stock after purchasing an additional 1,543 shares during the period. AdvisorNet Financial Inc’s holdings in Independent Bank Group were worth $772,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Capital Research Global Investors grew its stake in Independent Bank Group by 23.4% in the first quarter. Capital Research Global Investors now owns 3,042,982 shares of the bank’s stock valued at $216,539,000 after purchasing an additional 576,836 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Independent Bank Group during the first quarter worth about $377,000. Point72 Hong Kong Ltd grew its stake in shares of Independent Bank Group by 17.8% during the first quarter. Point72 Hong Kong Ltd now owns 1,876 shares of the bank’s stock worth $133,000 after acquiring an additional 283 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Independent Bank Group during the first quarter worth about $850,000. Finally, Evergreen Capital Management LLC grew its stake in shares of Independent Bank Group by 10.8% during the first quarter. Evergreen Capital Management LLC now owns 4,533 shares of the bank’s stock worth $323,000 after acquiring an additional 443 shares during the last quarter. Hedge funds and other institutional investors own 76.27% of the company’s stock.

Independent Bank Group Trading Up 1.2 %

Shares of IBTX stock opened at $68.36 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 13.95 and a beta of 1.50. The stock has a 50 day simple moving average of $69.67 and a 200-day simple moving average of $70.57. Independent Bank Group, Inc. has a 1-year low of $62.82 and a 1-year high of $79.66.

Independent Bank Group (NASDAQ:IBTXGet Rating) last announced its earnings results on Monday, July 25th. The bank reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.04. The business had revenue of $151.88 million during the quarter, compared to the consensus estimate of $151.05 million. Independent Bank Group had a return on equity of 8.49% and a net margin of 32.74%. During the same period in the prior year, the company posted $1.35 EPS. On average, equities research analysts expect that Independent Bank Group, Inc. will post 5.25 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 18th. Stockholders of record on Thursday, August 4th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.22%. The ex-dividend date was Wednesday, August 3rd. Independent Bank Group’s payout ratio is 31.02%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Stephens boosted their price target on Independent Bank Group to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 27th. Truist Financial boosted their price target on Independent Bank Group to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 27th. Finally, Piper Sandler dropped their price target on Independent Bank Group from $78.00 to $75.00 and set an “overweight” rating on the stock in a research note on Friday. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $78.33.

Insider Transactions at Independent Bank Group

In related news, Director John Webb Jennings III sold 8,939 shares of the stock in a transaction on Friday, August 12th. The stock was sold at an average price of $74.13, for a total value of $662,648.07. Following the completion of the transaction, the director now directly owns 52,802 shares of the company’s stock, valued at approximately $3,914,212.26. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, COO Michael B. Hobbs sold 1,350 shares of the stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $74.76, for a total value of $100,926.00. Following the completion of the transaction, the chief operating officer now directly owns 31,308 shares of the company’s stock, valued at approximately $2,340,586.08. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John Webb Jennings III sold 8,939 shares of the company’s stock in a transaction on Friday, August 12th. The shares were sold at an average price of $74.13, for a total value of $662,648.07. Following the completion of the sale, the director now owns 52,802 shares of the company’s stock, valued at $3,914,212.26. The disclosure for this sale can be found here. Corporate insiders own 3.30% of the company’s stock.

About Independent Bank Group

(Get Rating)

Independent Bank Group, Inc operates as the bank holding company for Independent Bank that 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.

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Institutional Ownership by Quarter for Independent Bank Group (NASDAQ:IBTX)

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