Independent Bank Group, Inc. (NASDAQ:IBTX) Shares Sold by Comerica Bank

Comerica Bank cut its stake in shares of Independent Bank Group, Inc. (NASDAQ:IBTX – Get Rating) by 12.4% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 27,676 shares of the bank’s stock after selling 3,910 shares during the period. Comerica Bank owned about 0.07% of Independent Bank Group worth $1,799,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Capital Research Global Investors increased its stake in Independent Bank Group by 23.4% during the 1st quarter. Capital Research Global Investors now owns 3,042,982 shares of the bank’s stock worth $216,539,000 after buying an additional 576,836 shares in the last quarter. State Street Corp increased its position in shares of Independent Bank Group by 17.9% during the first quarter. State Street Corp now owns 1,987,217 shares of the bank’s stock worth $141,410,000 after purchasing an additional 302,174 shares in the last quarter. FMR LLC grew its holdings in shares of Independent Bank Group by 11.7% during the second quarter. FMR LLC now owns 2,394,990 shares of the bank’s stock worth $162,644,000 after buying an additional 250,276 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Independent Bank Group by 123.4% during the second quarter. Goldman Sachs Group Inc. now owns 313,406 shares of the bank’s stock worth $21,283,000 after buying an additional 173,117 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in shares of Independent Bank Group by 285.0% during the second quarter. Thrivent Financial for Lutherans now owns 115,231 shares of the bank’s stock worth $7,826,000 after buying an additional 85,297 shares in the last quarter. Institutional investors and hedge funds own 75.83% of the company’s stock.

Independent Bank Group Stock Performance

Independent Bank Group stock opened at $60.75 on Friday. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of 12.25 and a beta of 1.41. Independent Bank Group, Inc. has a 1-year low of $56.22 and a 1-year high of $79.14. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a 50 day simple moving average of $61.89 and a 200-day simple moving average of $65.55.

Independent Bank Group (NASDAQ:IBTX – Get Rating) last issued its quarterly earnings data on Monday, October 24th. The bank reported $1.33 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.02). The business had revenue of $160.75 million during the quarter, compared to analysts’ expectations of $160.09 million. Independent Bank Group had a return on equity of 8.77% and a net margin of 31.47%. During the same quarter in the previous year, the company posted $1.22 earnings per share. On average, analysts expect that Independent Bank Group, Inc. will post 5.1 EPS for the current year.

Independent Bank Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 17th. Shareholders of record on Thursday, November 3rd were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend was Wednesday, November 2nd. Independent Bank Group’s dividend payout ratio (DPR) is presently 30.65%.

Analysts Set New Price Targets

Several analysts recently issued reports on IBTX shares. Truist Financial dropped their price objective on shares of Independent Bank Group from $74.00 to $70.00 in a research note on Friday, December 9th. StockNews.com lowered Independent Bank Group from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, Hovde Group lowered Independent Bank Group from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $82.50 to $70.00 in a research report on Wednesday, October 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Independent Bank Group presently has a consensus rating of “Hold” and an average target price of $73.75.

Independent Bank Group Profile

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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.