Mendon Capital Advisors Corp Acquires 29,170 Shares of Independent Bank Group, Inc (IBTX)

Mendon Capital Advisors Corp raised its position in Independent Bank Group, Inc (NASDAQ:IBTX) by 175.2% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 45,820 shares of the bank’s stock after buying an additional 29,170 shares during the period. Mendon Capital Advisors Corp owned approximately 0.24% of Independent Bank Group worth $2,946,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Acrospire Investment Management LLC boosted its stake in shares of Independent Bank Group by 108.5% in the first quarter. Acrospire Investment Management LLC now owns 2,498 shares of the bank’s stock worth $161,000 after buying an additional 1,300 shares during the period. Karp Capital Management Corp acquired a new stake in shares of Independent Bank Group during the first quarter worth $202,000. Navellier & Associates Inc acquired a new stake in shares of Independent Bank Group during the first quarter worth $285,000. Sapphire Star Partners LP acquired a new stake in shares of Independent Bank Group during the first quarter worth $285,000. Finally, Eqis Capital Management Inc. acquired a new stake in shares of Independent Bank Group during the first quarter worth $293,000. Institutional investors and hedge funds own 33.19% of the company’s stock.

Institutional Ownership by Quarter for Independent Bank Group (NASDAQ:IBTX)

Shares of Independent Bank Group, Inc (NASDAQ:IBTX) traded down 2.55% on Tuesday, reaching $57.30. 58,457 shares of the company were exchanged. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of 18.90 and a beta of 1.27. Independent Bank Group, Inc has a 52 week low of $34.00 and a 52 week high of $66.85. The firm’s 50 day moving average price is $59.33 and its 200 day moving average price is $61.79.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Monday, April 24th. The bank reported $0.84 EPS for the quarter, beating the consensus estimate of $0.81 by $0.03. The business had revenue of $52.45 million for the quarter, compared to the consensus estimate of $52 million. Independent Bank Group had a net margin of 24.24% and a return on equity of 9.08%. During the same period in the prior year, the firm earned $0.67 EPS. Equities research analysts anticipate that Independent Bank Group, Inc will post $3.45 EPS for the current year.

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A number of brokerages have weighed in on IBTX. Zacks Investment Research cut shares of Independent Bank Group from a “buy” rating to a “hold” rating in a report on Thursday, April 27th. ValuEngine upgraded shares of Independent Bank Group from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Stephens reiterated a “buy” rating on shares of Independent Bank Group in a report on Monday, April 24th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $54.75.

About Independent Bank Group

Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), the Company provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. As of December 31, 2016, the Company operated 41 banking offices in the Dallas/North Texas area, the Austin/Central Texas area, and the Houston metropolitan area.

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