Peregrine Capital Management LLC purchased a new position in shares of Independent Bank Group Inc (NASDAQ:IBTX) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 121,290 shares of the bank’s stock, valued at approximately $4,915,000.
Other hedge funds also recently modified their holdings of the company. Stieven Capital Advisors L.P. increased its stake in shares of Independent Bank Group by 152.0% during the 1st quarter. Stieven Capital Advisors L.P. now owns 364,447 shares of the bank’s stock worth $8,630,000 after purchasing an additional 219,800 shares during the last quarter. Norges Bank purchased a new stake in shares of Independent Bank Group during the 4th quarter worth approximately $21,139,000. Citigroup Inc. increased its stake in shares of Independent Bank Group by 204.6% during the 1st quarter. Citigroup Inc. now owns 82,914 shares of the bank’s stock worth $1,963,000 after purchasing an additional 55,691 shares during the last quarter. Wedge Capital Management L L P NC increased its stake in shares of Independent Bank Group by 4.4% during the 2nd quarter. Wedge Capital Management L L P NC now owns 163,907 shares of the bank’s stock worth $6,642,000 after purchasing an additional 6,892 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Independent Bank Group by 24.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 184,867 shares of the bank’s stock worth $4,377,000 after purchasing an additional 35,845 shares during the last quarter. Institutional investors own 69.82% of the company’s stock.
Shares of NASDAQ:IBTX opened at $43.93 on Friday. The firm has a fifty day moving average price of $40.28 and a two-hundred day moving average price of $38.90. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.07 and a quick ratio of 1.07. Independent Bank Group Inc has a one year low of $20.35 and a one year high of $63.16. The company has a market cap of $1.89 billion, a price-to-earnings ratio of 9.98 and a beta of 1.97.
Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Tuesday, July 28th. The bank reported $1.14 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.25. Independent Bank Group had a net margin of 26.11% and a return on equity of 8.76%. The firm had revenue of $153.75 million during the quarter, compared to the consensus estimate of $141.77 million. During the same period last year, the firm earned $1.22 EPS. Equities research analysts expect that Independent Bank Group Inc will post 4.25 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Monday, August 10th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend is Friday, August 7th. Independent Bank Group’s dividend payout ratio is currently 19.69%.
Several equities research analysts have recently issued reports on IBTX shares. BidaskClub upgraded shares of Independent Bank Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. SunTrust Banks raised their price objective on shares of Independent Bank Group from $29.00 to $35.00 and gave the stock a “hold” rating in a report on Tuesday, May 19th. Hovde Group raised shares of Independent Bank Group from a “market perform” rating to an “outperform” rating and cut their price objective for the stock from $59.00 to $42.00 in a report on Wednesday, May 27th. Piper Sandler cut their price objective on shares of Independent Bank Group from $46.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Finally, Zacks Investment Research downgraded shares of Independent Bank Group from a “buy” rating to a “hold” rating in a report on Thursday. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $44.33.
Independent Bank Group Profile
Independent Bank Group, Inc operates as the bank holding company for Independent Bank that provides various commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products, including demand deposits, money market accounts, and certificates of deposit.
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