HighTower Advisors LLC Cuts Holdings in Independent Bank Group, Inc. (NASDAQ:IBTX)

HighTower Advisors LLC trimmed its position in shares of Independent Bank Group, Inc. (NASDAQ:IBTX - Free Report) by 18.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 246,756 shares of the bank's stock after selling 54,690 shares during the quarter. HighTower Advisors LLC owned approximately 0.60% of Independent Bank Group worth $14,228,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in IBTX. Blue Trust Inc. boosted its position in shares of Independent Bank Group by 1,576.9% in the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank's stock worth $50,000 after purchasing an additional 820 shares in the last quarter. CIBC Asset Management Inc purchased a new stake in Independent Bank Group during the 3rd quarter valued at $204,000. AQR Capital Management LLC purchased a new stake in Independent Bank Group during the 2nd quarter valued at $212,000. Hancock Whitney Corp purchased a new stake in Independent Bank Group during the 3rd quarter valued at $222,000. Finally, Hennessy Advisors Inc. purchased a new stake in shares of Independent Bank Group in the 2nd quarter worth $228,000. 77.90% of the stock is owned by institutional investors.

Independent Bank Group Trading Up 0.5 %

Shares of NASDAQ:IBTX traded up $0.34 during trading on Friday, reaching $67.19. 108,374 shares of the company were exchanged, compared to its average volume of 219,847. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The business's fifty day simple moving average is $61.62 and its 200-day simple moving average is $55.06. Independent Bank Group, Inc. has a 12-month low of $36.47 and a 12-month high of $68.66. The firm has a market capitalization of $2.78 billion, a PE ratio of -6.42 and a beta of 1.39.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last posted its quarterly earnings data on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing the consensus estimate 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 company had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. During the same quarter in the previous year, the firm posted $0.79 earnings per share. On average, research analysts anticipate that Independent Bank Group, Inc. will post 2.7 EPS for the current year.

Independent Bank Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.26%. The ex-dividend date was Thursday, October 31st. Independent Bank Group's payout ratio is -14.53%.

Wall Street Analysts Forecast Growth

IBTX has been the subject of several analyst reports. Truist Financial reduced their price objective on Independent Bank Group from $66.00 to $63.00 and set a "hold" rating for the company in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods increased their price objective on shares of Independent Bank Group from $72.00 to $81.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, StockNews.com initiated coverage on shares of Independent Bank Group in a report on Sunday. They set a "sell" rating for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Independent Bank Group presently has an average rating of "Hold" and a consensus price target of $60.33.

About Independent Bank Group

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.