Edgestream Partners L.P. Makes New Investment in Independent Bank Group, Inc. (NASDAQ:IBTX)

Edgestream Partners L.P. bought a new stake in shares of Independent Bank Group, Inc. (NASDAQ:IBTX - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 61,064 shares of the bank's stock, valued at approximately $3,521,000. Edgestream Partners L.P. owned 0.15% of Independent Bank Group as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of IBTX. Blue Trust Inc. raised its position in Independent Bank Group by 1,576.9% during the third quarter. Blue Trust Inc. now owns 872 shares of the bank's stock valued at $50,000 after acquiring an additional 820 shares in the last quarter. CIBC Asset Management Inc bought a new position in shares of Independent Bank Group during the 3rd quarter valued at $204,000. AQR Capital Management LLC bought a new position in shares of Independent Bank Group during the 2nd quarter valued at $212,000. Hancock Whitney Corp bought a new stake in Independent Bank Group in the third quarter worth $222,000. Finally, Hennessy Advisors Inc. bought a new stake in Independent Bank Group in the second quarter worth $228,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IBTX has been the subject of a number of analyst reports. StockNews.com started coverage on Independent Bank Group in a research report on Saturday. They issued a "sell" rating for the company. Keefe, Bruyette & Woods raised their price objective on Independent Bank Group from $69.00 to $72.00 and gave the company an "outperform" rating in a research note on Thursday, November 7th. Finally, Truist Financial decreased their target price on Independent Bank Group from $66.00 to $63.00 and set a "hold" rating for the company in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Independent Bank Group presently has a consensus rating of "Hold" and an average target price of $58.83.

Independent Bank Group Stock Performance

Shares of NASDAQ IBTX traded down $0.07 during trading hours on Monday, hitting $66.85. 303,950 shares of the company's stock were exchanged, compared to its average volume of 238,770. The company's 50-day moving average price is $60.66 and its 200-day moving average price is $54.31. Independent Bank Group, Inc. has a 1-year low of $36.47 and a 1-year high of $68.66. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of -6.39 and a beta of 1.38. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last issued 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). The business had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same quarter last year, the firm earned $0.79 earnings per share. On average, sell-side analysts expect that Independent Bank Group, Inc. will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

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

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.