Strs Ohio Cuts Holdings in Independent Bank Group, Inc. (NASDAQ:IBTX)

Strs Ohio trimmed its holdings in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) by 16.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 13,600 shares of the bank’s stock after selling 2,700 shares during the quarter. Strs Ohio’s holdings in Independent Bank Group were worth $691,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in 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. acquired a new stake in Independent Bank Group in the third quarter valued at approximately $6,326,000. Illinois Municipal Retirement Fund acquired a new stake in Independent Bank Group in the third quarter valued at approximately $869,000. PNC Financial Services Group Inc. boosted its stake 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 valued at $108,000 after acquiring an additional 925 shares in the last quarter. Finally, Swiss National Bank boosted its stake in Independent Bank Group by 1.0% in the third quarter. Swiss National Bank now owns 81,722 shares of the bank’s stock valued at $3,232,000 after acquiring an additional 800 shares in the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Group Price Performance

Shares of IBTX opened at $39.26 on Friday. The firm has a market capitalization of $1.62 billion, a PE ratio of 15.52 and a beta of 1.33. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. Independent Bank Group, Inc. has a 1-year low of $28.81 and a 1-year high of $53.25. The company’s fifty day moving average price is $43.32 and its 200-day moving average price is $43.62.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The company had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. During the same period in the prior year, the company earned $1.07 earnings per share. The firm’s revenue was down 15.3% on a year-over-year basis. On average, equities research analysts predict that Independent Bank Group, Inc. will post 2.88 EPS for the current year.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.87%. The ex-dividend date of this dividend is Wednesday, May 1st. Independent Bank Group’s payout ratio is 60.08%.

Analysts Set New Price Targets

IBTX has been the subject of several recent analyst reports. StockNews.com upgraded shares of Independent Bank Group to a “sell” rating in a research note on Thursday, January 25th. Keefe, Bruyette & Woods raised their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. Stephens reissued an “overweight” rating and set a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday. Hovde Group dropped their price objective on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a report on Wednesday. Finally, Truist Financial dropped their price objective on shares of Independent Bank Group from $52.00 to $46.00 and set a “buy” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $49.83.

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.