Citigroup Inc. Lowers Holdings in Independent Bank Group, Inc. (NASDAQ:IBTX)

Citigroup Inc. trimmed its position in Independent Bank Group, Inc. (NASDAQ:IBTX - Free Report) by 55.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,054 shares of the bank's stock after selling 89,508 shares during the quarter. Citigroup Inc. owned approximately 0.17% of Independent Bank Group worth $4,097,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Blue Trust Inc. increased its position in shares of Independent Bank Group by 1,576.9% in the third quarter. Blue Trust Inc. now owns 872 shares of the bank's stock worth $50,000 after purchasing an additional 820 shares during the last quarter. CIBC Asset Management Inc bought a new position in shares of Independent Bank Group in the third quarter worth approximately $204,000. AQR Capital Management LLC bought a new position in shares of Independent Bank Group in the second quarter worth approximately $212,000. Hennessy Advisors Inc. bought a new position in shares of Independent Bank Group in the second quarter worth approximately $228,000. Finally, Townsend Asset Management Corp NC ADV bought a new position in Independent Bank Group during the second quarter valued at approximately $230,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Group Trading Up 0.5 %

Shares of Independent Bank Group stock traded up $0.30 on Wednesday, hitting $66.93. The stock had a trading volume of 239,103 shares, compared to its average volume of 238,550. The stock's 50-day simple moving average is $61.00 and its two-hundred day simple moving average is $54.64. Independent Bank Group, Inc. has a one year low of $36.47 and a one year high of $68.66. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of -6.32 and a beta of 1.39. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.26.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last announced its quarterly earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The business had revenue of $255.18 million during the quarter, compared to analysts' expectations of $124.48 million. During the same period in the previous year, the business earned $0.79 EPS. As a group, sell-side analysts predict that Independent Bank Group, Inc. will post 2.7 EPS for the current year.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group's payout ratio is -14.53%.

Wall Street Analyst Weigh In

A number of research analysts have commented on IBTX shares. StockNews.com started coverage on shares of Independent Bank Group in a research report on Saturday. They set a "sell" rating on the stock. Keefe, Bruyette & Woods increased their price target on shares of Independent Bank Group from $72.00 to $81.00 and gave the company an "outperform" rating in a research report on Wednesday. Finally, Truist Financial reduced their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a "hold" rating on the stock in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $60.33.

Independent Bank Group Profile

Independent Bank Group, Inc, through its subsidiary, Independent Bank provides various commercial banking products and services to businesses, professionals, and individuals in the United States. It accepts various deposit products, including checking and savings accounts, demand deposits, money market accounts, and certificates of deposit.