The Manufacturers Life Insurance Company Reduces Position in Independent Bank Group, Inc. (NASDAQ:IBTX)

The Manufacturers Life Insurance Company lessened its holdings in Independent Bank Group, Inc. (NASDAQ:IBTX - Free Report) by 11.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 540,797 shares of the bank's stock after selling 66,537 shares during the period. The Manufacturers Life Insurance Company owned approximately 1.31% of Independent Bank Group worth $31,182,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Silver Lake Advisory LLC acquired a new position in Independent Bank Group in the second quarter valued at about $5,491,000. Water Island Capital LLC acquired a new position in shares of Independent Bank Group in the 2nd quarter worth approximately $806,000. Magnetar Financial LLC purchased a new position in shares of Independent Bank Group during the 2nd quarter worth approximately $14,146,000. Hennessy Advisors Inc. acquired a new stake in Independent Bank Group in the 2nd quarter valued at approximately $228,000. Finally, Renaissance Technologies LLC raised its position in Independent Bank Group by 45.3% in the second quarter. Renaissance Technologies LLC now owns 52,243 shares of the bank's stock valued at $2,378,000 after purchasing an additional 16,300 shares during the period. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods raised their price target on Independent Bank Group from $69.00 to $72.00 and gave the stock an "outperform" rating in a research report on Thursday, November 7th. Truist Financial dropped 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. Finally, StockNews.com initiated coverage on shares of Independent Bank Group in a research report on Saturday. They set a "sell" rating on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Independent Bank Group has an average rating of "Hold" and a consensus price target of $58.83.

Independent Bank Group Stock Down 0.5 %

IBTX stock traded down $0.34 during mid-day trading on Friday, reaching $66.92. The company had a trading volume of 154,088 shares, compared to its average volume of 238,488. Independent Bank Group, Inc. has a fifty-two week low of $36.47 and a fifty-two week high of $68.66. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of -6.40 and a beta of 1.38. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a fifty day simple moving average of $60.66 and a 200 day simple moving average of $54.15.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.50 earnings per share (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 firm had revenue of $255.18 million during the quarter, compared to analysts' expectations of $124.48 million. During the same quarter in the prior year, the firm earned $0.79 EPS. Analysts forecast that Independent Bank Group, Inc. will post 2.7 earnings per share for the current fiscal year.

Independent Bank Group Dividend Announcement

The firm also recently announced 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 2.27%. The ex-dividend date was Thursday, October 31st. Independent Bank Group's dividend payout ratio (DPR) is presently -14.53%.

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.