Mirae Asset Global Investments Co. Ltd. Acquires 747 Shares of Independent Bank Group, Inc. (NASDAQ:IBTX)

Mirae Asset Global Investments Co. Ltd. increased its holdings in Independent Bank Group, Inc. (NASDAQ:IBTX) by 4.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,531 shares of the bank’s stock after acquiring an additional 747 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Independent Bank Group were worth $841,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Independent Bank Group by 9.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 400,398 shares of the bank’s stock valued at $15,836,000 after acquiring an additional 33,952 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Independent Bank Group in the third quarter valued at approximately $6,326,000. Illinois Municipal Retirement Fund bought a new position in Independent Bank Group during the third quarter valued at $869,000. PNC Financial Services Group Inc. increased its position in Independent Bank Group by 51.3% in the third quarter. PNC Financial Services Group Inc. now owns 2,727 shares of the bank’s stock worth $108,000 after buying an additional 925 shares during the last quarter. Finally, Swiss National Bank increased its position in Independent Bank Group by 1.0% in the third quarter. Swiss National Bank now owns 81,722 shares of the bank’s stock worth $3,232,000 after buying an additional 800 shares during the last quarter. 77.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Keefe, Bruyette & Woods raised their target price on Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Truist Financial decreased their target price on Independent Bank Group from $58.00 to $52.00 and set a “buy” rating for the company in a research report on Monday, April 1st. Piper Sandler downgraded Independent Bank Group from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $48.00 to $38.00 in a research report on Wednesday. StockNews.com raised Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Finally, Hovde Group decreased their target price on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $50.83.

Independent Bank Group Price Performance

Independent Bank Group stock opened at $40.82 on Thursday. Independent Bank Group, Inc. has a one year low of $28.81 and a one year high of $53.25. The business has a fifty day moving average price of $43.41 and a 200-day moving average price of $43.64. 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 has a market capitalization of $1.68 billion, a P/E ratio of 39.25 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a return on equity of 4.99% and a net margin of 10.96%. The firm had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. During the same period last year, the company earned $1.07 earnings per share. The business’s revenue for the quarter was down 15.3% on a year-over-year basis. As a group, equities research analysts forecast that Independent Bank Group, Inc. will post 2.88 EPS for the current year.

Independent Bank Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Thursday, May 2nd will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date is Wednesday, May 1st. Independent Bank Group’s payout ratio is currently 146.15%.

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.