Hennessy Advisors Inc. Makes New Investment in Independent Bank Group, Inc. (NASDAQ:IBTX)

Hennessy Advisors Inc. purchased a new position in Independent Bank Group, Inc. (NASDAQ:IBTX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 5,000 shares of the bank's stock, valued at approximately $228,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Silver Lake Advisory LLC purchased a new position in shares of Independent Bank Group during the 2nd quarter worth approximately $5,491,000. Dimensional Fund Advisors LP raised its position in shares of Independent Bank Group by 1.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank's stock valued at $107,588,000 after buying an additional 40,112 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Independent Bank Group by 4.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank's stock worth $39,211,000 after purchasing an additional 35,806 shares during the period. Edgestream Partners L.P. lifted its position in Independent Bank Group by 72.0% during the first quarter. Edgestream Partners L.P. now owns 68,249 shares of the bank's stock worth $3,116,000 after buying an additional 28,579 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Independent Bank Group by 7.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank's stock valued at $21,817,000 after purchasing an additional 28,395 shares during the period. Institutional investors and hedge funds own 77.90% of the company's stock.

Independent Bank Group Stock Performance

Shares of NASDAQ IBTX traded up $3.18 during trading hours on Friday, reaching $57.82. The stock had a trading volume of 157,657 shares, compared to its average volume of 256,862. Independent Bank Group, Inc. has a twelve month low of $34.50 and a twelve month high of $60.53. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The business's fifty day moving average is $50.87 and its two-hundred day moving average is $45.96. The company has a market cap of $2.39 billion, a price-to-earnings ratio of 22.85 and a beta of 1.41.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. The firm had revenue of $252.52 million during the quarter, compared to analyst estimates of $120.25 million. During the same quarter in the prior year, the business posted $0.82 earnings per share. As a group, research analysts expect that Independent Bank Group, Inc. will post 2.69 EPS for the current year.

Independent Bank Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Stockholders of record on Monday, August 5th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.63%. The ex-dividend date was Monday, August 5th. Independent Bank Group's payout ratio is 60.08%.

Wall Street Analyst Weigh In

IBTX has been the topic of a number of recent research reports. Keefe, Bruyette & Woods boosted their price objective on Independent Bank Group from $57.00 to $66.00 and gave the stock an "outperform" rating in a research note on Monday, July 29th. Truist Financial boosted their price objective on Independent Bank Group from $48.00 to $65.00 and gave the company a "hold" rating in a research report on Monday, July 29th. StockNews.com began coverage on shares of Independent Bank Group in a research report on Sunday, August 18th. They issued a "sell" rating for the company. Finally, Piper Sandler raised Independent Bank Group from an "underweight" rating to an "overweight" rating and raised their price target for the company from $38.00 to $58.00 in a report on Friday, May 31st. 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 company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $58.17.

Independent Bank Group Company 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.