Peregrine Capital Management LLC purchased a new position in shares of Independent Bank Group Inc (NASDAQ:IBTX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 121,290 shares of the bank’s stock, valued at approximately $4,915,000. Peregrine Capital Management LLC owned about 0.28% of Independent Bank Group as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Chartwell Investment Partners LLC increased its position in Independent Bank Group by 3.9% during the second quarter. Chartwell Investment Partners LLC now owns 283,812 shares of the bank’s stock worth $11,500,000 after buying an additional 10,577 shares during the last quarter. M&T Bank Corp acquired a new position in Independent Bank Group during the second quarter worth approximately $246,000. Howard Financial Services LTD. increased its position in Independent Bank Group by 23.8% during the second quarter. Howard Financial Services LTD. now owns 26,207 shares of the bank’s stock worth $1,062,000 after buying an additional 5,040 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Independent Bank Group by 25.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,315 shares of the bank’s stock worth $175,000 after buying an additional 888 shares during the last quarter. Finally, First Trust Advisors LP increased its position in Independent Bank Group by 42.3% during the second quarter. First Trust Advisors LP now owns 65,268 shares of the bank’s stock worth $2,645,000 after buying an additional 19,405 shares during the last quarter. 69.82% of the stock is currently owned by hedge funds and other institutional investors.
IBTX has been the subject of a number of research analyst reports. Hovde Group upgraded Independent Bank Group from a “market perform” rating to an “outperform” rating and reduced their price objective for the stock from $59.00 to $42.00 in a report on Wednesday, May 27th. Raymond James upgraded Independent Bank Group from a “market perform” rating to an “outperform” rating and set a $41.00 price objective for the company in a report on Tuesday, May 26th. Piper Sandler reduced their price objective on Independent Bank Group from $46.00 to $40.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. BidaskClub upgraded Independent Bank Group from a “sell” rating to a “hold” rating in a report on Saturday, May 30th. Finally, ValuEngine upgraded Independent Bank Group from a “sell” rating to a “hold” rating in a report on Tuesday, July 7th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $44.33.
Shares of IBTX stock opened at $43.93 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. The stock has a market cap of $1.89 billion, a P/E ratio of 9.98 and a beta of 1.97. The stock has a 50 day simple moving average of $40.28 and a 200 day simple moving average of $38.90. Independent Bank Group Inc has a 1 year low of $20.35 and a 1 year high of $63.16.
Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Tuesday, July 28th. The bank reported $1.14 EPS for the quarter, beating the 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 business had revenue of $153.75 million during the quarter, compared to the consensus estimate of $141.77 million. During the same period in the previous year, the business earned $1.22 earnings per share. Analysts forecast that Independent Bank Group Inc will post 4.25 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Monday, August 10th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $1.00 annualized dividend and a yield of 2.28%. Independent Bank Group’s dividend payout ratio is currently 19.69%.
About Independent Bank Group
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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