Principal Financial Group Inc. Has $9.80 Million Stock Position in Independent Bank Group, Inc. (NASDAQ:IBTX)

Principal Financial Group Inc. trimmed its position in Independent Bank Group, Inc. (NASDAQ:IBTX) by 4.3% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 169,983 shares of the bank’s stock after selling 7,621 shares during the period. Principal Financial Group Inc. owned about 0.41% of Independent Bank Group worth $9,801,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its holdings in shares of Independent Bank Group by 1,576.9% in the third quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock valued at $50,000 after buying an additional 820 shares during the period. SG Americas Securities LLC acquired a new position in shares of Independent Bank Group during the first quarter worth about $203,000. AQR Capital Management LLC acquired a new stake in Independent Bank Group in the 2nd quarter valued at approximately $212,000. Hennessy Advisors Inc. bought a new position in shares of Independent Bank Group during the 2nd quarter worth approximately $228,000. Finally, Townsend Asset Management Corp NC ADV bought a new position in Independent Bank Group in the second quarter valued at $230,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on the company. StockNews.com began coverage on Independent Bank Group in a report on Thursday, November 14th. They set a “sell” rating on the stock. Truist Financial lowered their price objective on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods raised their target price on shares of Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Independent Bank Group has a consensus rating of “Hold” and an average price target of $58.83.

Independent Bank Group Trading Down 0.6 %

Shares of Independent Bank Group stock opened at $63.22 on Tuesday. Independent Bank Group, Inc. has a 52-week low of $36.16 and a 52-week high of $67.92. The stock has a market cap of $2.62 billion, a PE ratio of -6.04 and a beta of 1.38. The firm has a 50-day moving average of $59.19 and a 200-day moving average of $52.79. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.21). The business had revenue of $255.18 million for the quarter, compared to the consensus estimate of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same period in the prior year, the business posted $0.79 earnings per share. As a group, sell-side analysts forecast that Independent Bank Group, Inc. will post 2.51 EPS for the current year.

Independent Bank Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were given a dividend of $0.38 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.52 annualized dividend and a dividend yield of 2.40%. Independent Bank Group’s dividend payout ratio is -14.53%.

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.