Independent Bank Group Inc (IBTX) Position Raised by Bank of New York Mellon Corp
Bank of New York Mellon Corp boosted its position in Independent Bank Group Inc (NASDAQ:IBTX) by 4.3% in the third quarter, HoldingsChannel.com reports. The firm owned 110,984 shares of the bank’s stock after acquiring an additional 4,579 shares during the quarter. Bank of New York Mellon Corp’s holdings in Independent Bank Group were worth $7,358,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently made changes to their positions in the stock. Janus Henderson Group PLC acquired a new stake in Independent Bank Group in the third quarter valued at about $244,000. Swiss National Bank lifted its position in Independent Bank Group by 4.1% in the third quarter. Swiss National Bank now owns 28,152 shares of the bank’s stock valued at $1,866,000 after purchasing an additional 1,100 shares during the period. Investment Counselors of Maryland LLC acquired a new stake in Independent Bank Group in the third quarter valued at about $7,374,000. Oppenheimer Asset Management Inc. acquired a new stake in Independent Bank Group in the third quarter valued at about $218,000. Finally, Russell Investments Group Ltd. lifted its position in Independent Bank Group by 18.5% in the third quarter. Russell Investments Group Ltd. now owns 144,022 shares of the bank’s stock valued at $9,549,000 after purchasing an additional 22,535 shares during the period. Hedge funds and other institutional investors own 61.19% of the company’s stock.
In related news, Director Donald L. Poarch bought 2,500 shares of the company’s stock in a transaction on Friday, December 14th. The stock was bought at an average cost of $49.05 per share, with a total value of $122,625.00. Following the completion of the acquisition, the director now owns 11,851 shares in the company, valued at approximately $581,291.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Paul W. Taylor sold 12,667 shares of the stock in a transaction dated Thursday, January 31st. The shares were sold at an average price of $52.88, for a total transaction of $669,830.96. The disclosure for this sale can be found here. Over the last ninety days, insiders acquired 8,771 shares of company stock valued at $447,475. 10.90% of the stock is currently owned by corporate insiders.
Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Monday, January 28th. The bank reported $1.12 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.21 by ($0.09). Independent Bank Group had a net margin of 28.53% and a return on equity of 8.89%. The company had revenue of $97.00 million during the quarter, compared to analysts’ expectations of $98.47 million. During the same period last year, the business posted $0.90 earnings per share. As a group, sell-side analysts predict that Independent Bank Group Inc will post 5.16 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 21st. Shareholders of record on Monday, February 11th will be issued a $0.25 dividend. The ex-dividend date is Friday, February 8th. This is a boost from Independent Bank Group’s previous quarterly dividend of $0.14. This represents a $1.00 dividend on an annualized basis and a yield of 1.85%. Independent Bank Group’s dividend payout ratio (DPR) is 12.56%.
A number of brokerages recently commented on IBTX. ValuEngine downgraded shares of Independent Bank Group from a “hold” rating to a “sell” rating in a research report on Friday, November 2nd. BidaskClub downgraded shares of Independent Bank Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. SunTrust Banks set a $64.00 price objective on shares of Independent Bank Group and gave the company a “hold” rating in a research report on Wednesday, October 24th. Raymond James reduced their price objective on shares of Independent Bank Group from $83.00 to $74.00 and set a “positive” rating for the company in a research report on Tuesday, October 23rd. They noted that the move was a valuation call. Finally, Stephens set a $82.00 price objective on shares of Independent Bank Group and gave the company a “buy” rating in a research report on Tuesday, October 23rd. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $68.20.
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Independent Bank Group Company Profile
Independent Bank Group, Inc operates as the bank holding company for Independent Bank that provides a range of commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products, including checking and savings accounts, demand accounts, money market accounts, and certificates of deposit, as well as individual retirement accounts.
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