Hodges Capital Management Inc. cut its position in shares of Independent Bank Group Inc (NASDAQ:IBTX) by 6.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 171,571 shares of the bank’s stock after selling 12,611 shares during the period. Hodges Capital Management Inc. owned approximately 0.39% of Independent Bank Group worth $8,800,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Sapphire Star Partners LP raised its stake in Independent Bank Group by 2.7% during the fourth quarter. Sapphire Star Partners LP now owns 9,800 shares of the bank’s stock worth $448,000 after purchasing an additional 253 shares during the period. Legal & General Group Plc increased its position in shares of Independent Bank Group by 4.9% during the fourth quarter. Legal & General Group Plc now owns 8,027 shares of the bank’s stock valued at $367,000 after acquiring an additional 374 shares during the last quarter. Bank of Montreal Can increased its position in shares of Independent Bank Group by 64.7% during the fourth quarter. Bank of Montreal Can now owns 1,130 shares of the bank’s stock valued at $52,000 after acquiring an additional 444 shares during the last quarter. Bank of America Corp DE increased its position in shares of Independent Bank Group by 0.5% during the fourth quarter. Bank of America Corp DE now owns 117,398 shares of the bank’s stock valued at $5,372,000 after acquiring an additional 536 shares during the last quarter. Finally, Eqis Capital Management Inc. increased its position in shares of Independent Bank Group by 16.2% during the fourth quarter. Eqis Capital Management Inc. now owns 4,809 shares of the bank’s stock valued at $220,000 after acquiring an additional 669 shares during the last quarter. 47.35% of the stock is currently owned by institutional investors.

Shares of IBTX traded down $0.49 during trading on Monday, reaching $56.14. 120,753 shares of the company traded hands, compared to its average volume of 173,472. Independent Bank Group Inc has a twelve month low of $44.14 and a twelve month high of $79.00. The stock has a market cap of $2.47 billion, a PE ratio of 12.59 and a beta of 1.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.03 and a quick ratio of 1.03.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, January 28th. The bank reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.09). Independent Bank Group had a net margin of 28.53% and a return on equity of 8.72%. The company had revenue of $97.00 million for the quarter, compared to analyst estimates of $98.47 million. During the same quarter in the prior year, the business earned $0.90 earnings per share. As a group, sell-side analysts expect that Independent Bank Group Inc will post 5.23 earnings per share for the current fiscal year.

IBTX has been the subject of a number of recent analyst reports. Stephens reiterated a “buy” rating and set a $61.00 price target on shares of Independent Bank Group in a research report on Wednesday, December 19th. Zacks Investment Research upgraded shares of Independent Bank Group from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Wednesday, April 3rd. Raymond James cut shares of Independent Bank Group from a “strong-buy” rating to an “outperform” rating and dropped their price target for the company from $72.00 to $61.00 in a research report on Monday, January 7th. Finally, BidaskClub upgraded shares of Independent Bank Group from a “strong sell” rating to a “sell” rating in a research report on Tuesday, January 29th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $65.20.

In related news, Director Paul W. Taylor sold 12,667 shares of Independent Bank Group stock in a transaction that occurred on Thursday, January 31st. The shares were sold at an average price of $52.88, for a total value of $669,830.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul W. Taylor sold 5,000 shares of Independent Bank Group stock in a transaction that occurred on Thursday, February 21st. The shares were sold at an average price of $57.22, for a total transaction of $286,100.00. Following the completion of the transaction, the director now owns 36,229 shares of the company’s stock, valued at approximately $2,073,023.38. The disclosure for this sale can be found here. Insiders own 10.90% of the company’s stock.

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About Independent Bank Group

Independent Bank Group, Inc operates as the bank holding company for Independent Bank that provides various commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products, including demand deposits, money market accounts, and certificates of deposit.

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Institutional Ownership by Quarter for Independent Bank Group (NASDAQ:IBTX)

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