Illinois Municipal Retirement Fund Cuts Stock Holdings in Independent Bank Group, Inc. (NASDAQ:IBTX)

Illinois Municipal Retirement Fund lowered its stake in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) by 8.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,005 shares of the bank’s stock after selling 1,961 shares during the period. Illinois Municipal Retirement Fund’s holdings in Independent Bank Group were worth $1,018,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of IBTX. NBC Securities Inc. purchased a new position in shares of Independent Bank Group in the 3rd quarter valued at $55,000. Signaturefd LLC increased its stake in Independent Bank Group by 49.8% during the 3rd quarter. Signaturefd LLC now owns 1,513 shares of the bank’s stock worth $60,000 after buying an additional 503 shares during the period. PNC Financial Services Group Inc. increased its stake in Independent Bank Group by 51.3% during the 3rd 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 period. Callahan Advisors LLC purchased a new stake in Independent Bank Group during the 3rd quarter worth $201,000. Finally, Evergreen Capital Management LLC acquired a new position in Independent Bank Group during the 3rd quarter worth $204,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Independent Bank Group Stock Performance

Independent Bank Group stock opened at $39.34 on Monday. The firm’s 50 day simple moving average is $43.04 and its 200-day simple moving average is $43.63. The company has a market cap of $1.63 billion, a P/E ratio of 15.55 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 fifty-two week low of $28.81 and a fifty-two week high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.06. The business had revenue of $119.10 million for the quarter, compared to the consensus estimate of $121.39 million. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. The firm’s quarterly revenue was down 15.3% compared to the same quarter last year. During the same period last year, the firm posted $1.07 earnings per share. As a group, equities research analysts predict that Independent Bank Group, Inc. will post 2.63 EPS for the current year.

Independent Bank Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.86%. The ex-dividend date is Wednesday, May 1st. Independent Bank Group’s dividend payout ratio is 60.08%.

Wall Street Analyst Weigh In

Several research firms have recently commented on IBTX. Truist Financial decreased their price target on shares of Independent Bank Group from $52.00 to $46.00 and set a “buy” rating for the company in a report on Thursday. Raymond James boosted their target price on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. Hovde Group reduced their target price on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research note on Wednesday, April 24th. Piper Sandler lowered shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $48.00 to $38.00 in a research note on Wednesday, April 24th. Finally, StockNews.com raised shares of Independent Bank Group to a “sell” rating in a research note on Thursday, January 25th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $48.33.

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.