Texas Permanent School Fund Has $1.48 Million Stock Holdings in Independent Bank Group, Inc. (NASDAQ:IBTX)

Texas Permanent School Fund trimmed its stake in Independent Bank Group, Inc. (NASDAQ:IBTX – Get Rating) by 3.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,598 shares of the bank’s stock after selling 869 shares during the quarter. Texas Permanent School Fund owned about 0.06% of Independent Bank Group worth $1,478,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its position in shares of Independent Bank Group by 0.9% during the first quarter. JPMorgan Chase & Co. now owns 121,723 shares of the bank’s stock valued at $8,662,000 after purchasing an additional 1,035 shares in the last quarter. Raymond James & Associates bought a new stake in Independent Bank Group in the first quarter worth about $336,000. Citigroup Inc. raised its position in 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 acquiring an additional 3,680 shares during the period. AlphaCrest Capital Management LLC bought a new stake in Independent Bank Group in the first quarter worth about $415,000. Finally, MetLife Investment Management LLC raised its position in 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 acquiring an additional 6,859 shares during the period. 75.83% of the stock is owned by institutional investors.

Insider Activity at Independent Bank Group

In other news, CEO David R. Brooks acquired 5,000 shares of Independent Bank Group stock in a transaction that occurred on Thursday, May 4th. The stock was bought at an average price of $30.36 per share, with a total value of $151,800.00. Following the completion of the purchase, the chief executive officer now owns 545,977 shares in the company, valued at $16,575,861.72. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO David R. Brooks acquired 5,000 shares of Independent Bank Group stock in a transaction that occurred on Thursday, May 4th. The stock was bought at an average price of $30.36 per share, with a total value of $151,800.00. Following the completion of the purchase, the chief executive officer now owns 545,977 shares in the company, valued at $16,575,861.72. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William E. Fair bought 2,000 shares of the company’s stock in a transaction on Thursday, May 4th. The shares were bought at an average price of $30.56 per share, with a total value of $61,120.00. Following the completion of the transaction, the director now owns 219,571 shares of the company’s stock, valued at $6,710,089.76. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 14,548 shares of company stock valued at $449,798. Corporate insiders own 3.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on IBTX shares. StockNews.com started coverage on shares of Independent Bank Group in a research report on Thursday, March 16th. They issued a “sell” rating on the stock. TheStreet downgraded shares of Independent Bank Group from a “b-” rating to a “c” rating in a research note on Tuesday, April 25th. Truist Financial reduced their target price on shares of Independent Bank Group from $65.00 to $53.00 in a research note on Thursday, March 23rd. Finally, Piper Sandler reduced their target price on shares of Independent Bank Group from $55.00 to $48.00 in a research note on Wednesday, April 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $62.75.

Independent Bank Group Price Performance

IBTX opened at $29.66 on Friday. The firm has a 50-day moving average price of $42.65 and a 200-day moving average price of $55.12. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 11.41 and a beta of 1.37. Independent Bank Group, Inc. has a twelve month low of $28.81 and a twelve month high of $76.00. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.93.

Independent Bank Group (NASDAQ:IBTX – Get Rating) last issued its quarterly earnings data on Tuesday, April 25th. The bank reported $1.07 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.03). The firm had revenue of $213.93 million for the quarter, compared to analysts’ expectations of $149.58 million. Independent Bank Group had a net margin of 14.09% and a return on equity of 8.53%. During the same period in the prior year, the firm posted $1.22 EPS. Equities analysts expect that Independent Bank Group, Inc. will post 3.86 EPS for the current year.

Independent Bank Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 18th. Investors of record on Thursday, May 4th will be paid a dividend of $0.38 per share. The ex-dividend date is Wednesday, May 3rd. This represents a $1.52 annualized dividend and a yield of 5.12%. Independent Bank Group’s dividend payout ratio is currently 58.46%.

Independent Bank Group Profile

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Independent Bank Group, Inc is a bank holding company, which engages in the provision of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. It offers checking, savings, commercial loans, business services and cash management solutions.