Victory Capital Management Inc. Sells 2,557 Shares of Independent Bank Group, Inc. (NASDAQ:IBTX)

Victory Capital Management Inc. reduced its stake in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) by 16.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,101 shares of the bank’s stock after selling 2,557 shares during the quarter. Victory Capital Management Inc.’s holdings in Independent Bank Group were worth $755,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in IBTX. Dimensional Fund Advisors LP increased its position in shares of Independent Bank Group by 1.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock valued at $105,456,000 after buying an additional 39,091 shares during the period. Magnetar Financial LLC purchased a new position in shares of Independent Bank Group during the 2nd quarter worth approximately $14,146,000. Silver Lake Advisory LLC bought a new position in shares of Independent Bank Group in the 2nd quarter worth approximately $5,491,000. Public Sector Pension Investment Board raised its position in shares of Independent Bank Group by 7.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 79,245 shares of the bank’s stock worth $3,607,000 after acquiring an additional 5,623 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Independent Bank Group by 12.0% in the 2nd quarter. American Century Companies Inc. now owns 64,837 shares of the bank’s stock valued at $2,951,000 after purchasing an additional 6,951 shares during the period. 77.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

IBTX has been the subject of a number of research reports. Keefe, Bruyette & Woods increased their price objective on Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. StockNews.com initiated coverage on shares of Independent Bank Group in a research report on Friday, November 22nd. They issued a “sell” rating on the stock. Finally, Truist Financial lowered their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Independent Bank Group has an average rating of “Hold” and an average price target of $58.83.

Independent Bank Group Price Performance

IBTX opened at $67.26 on Friday. The firm has a market cap of $2.79 billion, a PE ratio of -6.43 and a beta of 1.38. The stock has a 50-day moving average price of $60.37 and a 200-day moving average price of $53.88. Independent Bank Group, Inc. has a 1 year low of $36.16 and a 1 year high of $68.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The firm had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. During the same quarter in the prior year, the company posted $0.79 EPS. Sell-side analysts predict that Independent Bank Group, Inc. will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date was Thursday, October 31st. Independent Bank Group’s payout ratio is currently -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.