Dimensional Fund Advisors LP increased its stake in Independent Bank Group, Inc (NASDAQ:IBTX) by 21.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 523,915 shares of the bank’s stock after purchasing an additional 93,282 shares during the quarter. Dimensional Fund Advisors LP owned approximately 1.89% of Independent Bank Group worth $31,173,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of IBTX. Stone Point Capital LLC purchased a new position in Independent Bank Group in the 2nd quarter valued at approximately $104,909,000. Vanguard Group Inc. grew its stake in Independent Bank Group by 18.1% in the 2nd quarter. Vanguard Group Inc. now owns 616,447 shares of the bank’s stock valued at $36,678,000 after buying an additional 94,580 shares in the last quarter. Alliancebernstein L.P. grew its stake in Independent Bank Group by 13.1% in the 2nd quarter. Alliancebernstein L.P. now owns 541,800 shares of the bank’s stock valued at $32,237,000 after buying an additional 62,710 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Independent Bank Group by 3.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 463,992 shares of the bank’s stock valued at $29,835,000 after buying an additional 17,550 shares in the last quarter. Finally, State Street Corp grew its stake in Independent Bank Group by 19.6% in the 1st quarter. State Street Corp now owns 345,816 shares of the bank’s stock valued at $22,234,000 after buying an additional 56,677 shares in the last quarter. 46.62% of the stock is currently owned by institutional investors.
A number of research analysts recently weighed in on IBTX shares. Stephens reiterated a “buy” rating and issued a $71.00 price objective on shares of Independent Bank Group in a research note on Tuesday, July 25th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $71.00 price objective on shares of Independent Bank Group in a report on Wednesday, October 4th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $76.00 price objective on shares of Independent Bank Group in a report on Friday, September 1st. Zacks Investment Research raised shares of Independent Bank Group from a “sell” rating to a “hold” rating in a report on Friday, October 6th. Finally, Hovde Group raised shares of Independent Bank Group from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $68.00 to $69.00 in a research note on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $71.40.
In other news, Vice Chairman Brian E. Hobart sold 22,500 shares of the business’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $60.71, for a total value of $1,365,975.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Webb Jennings III sold 3,000 shares of the business’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $61.78, for a total transaction of $185,340.00. Following the completion of the sale, the director now owns 38,350 shares of the company’s stock, valued at approximately $2,369,263. The disclosure for this sale can be found here. In the last 90 days, insiders sold 65,397 shares of company stock valued at $4,043,444. Company insiders own 7.70% of the company’s stock.
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Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Monday, October 23rd. The bank reported $0.89 EPS for the quarter, beating the consensus estimate of $0.88 by $0.01. Independent Bank Group had a net margin of 23.46% and a return on equity of 8.11%. The business had revenue of $84.99 million during the quarter, compared to analyst estimates of $83.00 million. During the same quarter in the previous year, the business posted $0.78 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 16th. Stockholders of record on Monday, November 6th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, November 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.64%. Independent Bank Group’s dividend payout ratio is currently 12.90%.
Independent Bank Group Profile
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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