Independent Bank Group, Inc. (NASDAQ:IBTX) Shares Sold by State Street Corp

State Street Corp cut its holdings in shares of Independent Bank Group, Inc. (NASDAQ:IBTX - Free Report) by 4.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,921,646 shares of the bank's stock after selling 95,234 shares during the quarter. State Street Corp owned 4.64% of Independent Bank Group worth $110,802,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in Independent Bank Group by 1,576.9% during the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank's stock worth $50,000 after buying an additional 820 shares during the last quarter. CIBC Asset Management Inc purchased a new position in shares of Independent Bank Group during the third quarter worth about $204,000. AQR Capital Management LLC acquired a new stake in shares of Independent Bank Group during the second quarter worth about $212,000. Hancock Whitney Corp acquired a new stake in shares of Independent Bank Group in the 3rd quarter valued at about $222,000. Finally, Hennessy Advisors Inc. purchased a new position in Independent Bank Group during the 2nd quarter worth approximately $228,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Group Price Performance

Independent Bank Group stock traded down $0.42 during midday trading on Monday, reaching $65.30. The company's stock had a trading volume of 548,074 shares, compared to its average volume of 241,421. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Group, Inc. has a fifty-two week low of $36.47 and a fifty-two week high of $68.66. The firm has a market capitalization of $2.71 billion, a PE ratio of -6.24 and a beta of 1.39. The stock's 50 day simple moving average is $62.79 and its 200 day simple moving average is $55.92.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last issued its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share 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 company posted $0.79 earnings per share. On average, equities research analysts forecast that Independent Bank Group, Inc. will post 2.7 earnings per share for the current year.

Independent Bank Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.33%. The ex-dividend date was Thursday, October 31st. Independent Bank Group's dividend payout ratio (DPR) is -14.53%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on IBTX shares. Truist Financial decreased their price objective on Independent Bank Group from $66.00 to $63.00 and set a "hold" rating for the company in a report on Wednesday, October 23rd. StockNews.com initiated coverage on shares of Independent Bank Group in a report on Monday. They issued a "sell" rating for the company. Finally, Keefe, Bruyette & Woods increased their price objective on Independent Bank Group from $72.00 to $81.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Independent Bank Group currently has an average rating of "Hold" and an average target price 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.