Sheets Smith Wealth Management Has $591,000 Position in Independent Bank Group, Inc (NASDAQ:IBTX)

Sheets Smith Wealth Management reduced its position in shares of Independent Bank Group, Inc (NASDAQ:IBTX) by 3.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,936 shares of the bank’s stock after selling 403 shares during the period. Sheets Smith Wealth Management’s holdings in Independent Bank Group were worth $591,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the stock. Peregrine Capital Management LLC raised its position in Independent Bank Group by 2.1% in the second quarter. Peregrine Capital Management LLC now owns 222,595 shares of the bank’s stock worth $13,244,000 after buying an additional 4,562 shares in the last quarter. Summit Creek Advisors LLC purchased a new position in Independent Bank Group during the second quarter worth $6,781,000. Eqis Capital Management Inc. raised its position in Independent Bank Group by 16.7% in the second quarter. Eqis Capital Management Inc. now owns 5,313 shares of the bank’s stock worth $316,000 after buying an additional 762 shares in the last quarter. American National Bank purchased a new position in Independent Bank Group during the second quarter worth $373,000. Finally, Public Employees Retirement System of Ohio raised its position in Independent Bank Group by 16.2% in the first quarter. Public Employees Retirement System of Ohio now owns 2,790 shares of the bank’s stock worth $179,000 after buying an additional 389 shares in the last quarter. 33.17% of the stock is owned by institutional investors and hedge funds.

Independent Bank Group, Inc (IBTX) traded down 1.37% during midday trading on Friday, reaching $57.50. 48,521 shares of the company’s stock traded hands. Independent Bank Group, Inc has a 52 week low of $34.00 and a 52 week high of $66.85. The company’s 50-day moving average price is $58.61 and its 200 day moving average price is $61.12. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of 18.97 and a beta of 1.26.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Monday, April 24th. The bank reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.03. Independent Bank Group had a return on equity of 9.08% and a net margin of 24.24%. The firm had revenue of $52.45 million for the quarter, compared to the consensus estimate of $52 million. During the same quarter in the prior year, the company posted $0.67 earnings per share. On average, equities research analysts expect that Independent Bank Group, Inc will post $3.49 earnings per share for the current year.

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A number of equities research analysts recently issued reports on the stock. BidaskClub downgraded shares of Independent Bank Group from a “hold” rating to a “sell” rating in a report on Wednesday. Zacks Investment Research downgraded shares of Independent Bank Group from a “hold” rating to a “sell” rating in a report on Thursday, June 29th. Stephens set a $72.00 target price on shares of Independent Bank Group and gave the company a “buy” rating in a report on Monday, June 26th. Sandler O’Neill upgraded shares of Independent Bank Group from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a report on Monday, June 26th. Finally, ValuEngine upgraded shares of Independent Bank Group from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. Independent Bank Group has an average rating of “Hold” and an average price target of $63.40.

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

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