Hodges Capital Management Inc. Sells 41,815 Shares of Independent Bank Group, Inc (IBTX)
Hodges Capital Management Inc. cut its holdings in Independent Bank Group, Inc (NASDAQ:IBTX) by 13.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 277,242 shares of the bank’s stock after selling 41,815 shares during the quarter. Independent Bank Group accounts for approximately 1.1% of Hodges Capital Management Inc.’s investment portfolio, making the stock its 25th largest position. Hodges Capital Management Inc. owned 1.00% of Independent Bank Group worth $16,718,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BNP Paribas Arbitrage SA boosted its stake in Independent Bank Group by 2,892.1% during the second quarter. BNP Paribas Arbitrage SA now owns 1,885 shares of the bank’s stock worth $112,000 after buying an additional 1,822 shares during the period. Public Employees Retirement System of Ohio boosted its stake in Independent Bank Group by 16.2% during the first quarter. Public Employees Retirement System of Ohio now owns 2,790 shares of the bank’s stock worth $179,000 after buying an additional 389 shares during the period. Karp Capital Management Corp purchased a new position in Independent Bank Group during the first quarter worth $202,000. Virtu KCG Holdings LLC purchased a new position in Independent Bank Group during the second quarter worth $251,000. Finally, Airain ltd bought a new stake in shares of Independent Bank Group during the second quarter worth $256,000. 46.64% of the stock is owned by institutional investors.
Shares of Independent Bank Group, Inc (IBTX) traded up $0.30 during mid-day trading on Tuesday, hitting $64.80. The stock had a trading volume of 80,405 shares, compared to its average volume of 129,559. The stock has a market capitalization of $1,793.54, a price-to-earnings ratio of 19.08 and a beta of 1.29. Independent Bank Group, Inc has a 1-year low of $46.20 and a 1-year high of $66.85. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.04 and a quick ratio of 1.03.
Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, October 23rd. The bank reported $0.89 EPS for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.01. The firm had revenue of $84.99 million for the quarter, compared to analyst estimates of $83.00 million. Independent Bank Group had a return on equity of 8.11% and a net margin of 23.46%. During the same quarter in the prior year, the firm earned $0.78 earnings per share. equities analysts expect that Independent Bank Group, Inc will post 3.46 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 16th. Investors of record on Monday, November 6th will be given a $0.10 dividend. The ex-dividend date is Friday, November 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.62%. Independent Bank Group’s dividend payout ratio is currently 12.90%.
Several analysts have recently weighed in on the company. Piper Jaffray Companies reiterated a “buy” rating and set a $76.00 target price on shares of Independent Bank Group in a research report on Thursday, October 19th. Zacks Investment Research upgraded Independent Bank Group from a “sell” rating to a “hold” rating in a report on Friday, October 6th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $71.00 price objective on shares of Independent Bank Group in a report on Wednesday, October 4th. Hovde Group upgraded Independent Bank Group from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $68.00 to $69.00 in a report on Wednesday, July 26th. Finally, Stephens restated a “buy” rating and issued a $71.00 price objective on shares of Independent Bank Group in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $71.40.
In other Independent Bank Group news, Vice Chairman Brian E. Hobart sold 22,500 shares of the company’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $60.71, for a total value of $1,365,975.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman Brian E. Hobart sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $65.00, for a total value of $487,500.00. Following the completion of the sale, the insider now owns 111,022 shares in the company, valued at approximately $7,216,430. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,397 shares of company stock worth $3,858,104. 7.70% of the stock is owned by insiders.
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About Independent Bank Group
Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), the Company provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. As of December 31, 2016, the Company operated 41 banking offices in the Dallas/North Texas area, the Austin/Central Texas area, and the Houston metropolitan area.
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