Mutual of America Capital Management LLC increased its position in Independent Bank Group, Inc. (NASDAQ:IBTX) by 6.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,219 shares of the bank’s stock after purchasing an additional 316 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Independent Bank Group were worth $386,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of IBTX. The Manufacturers Life Insurance Company lifted its holdings in shares of Independent Bank Group by 10.0% during the first quarter. The Manufacturers Life Insurance Company now owns 263,531 shares of the bank’s stock valued at $19,038,000 after acquiring an additional 24,052 shares during the period. Commonwealth Equity Services LLC lifted its holdings in shares of Independent Bank Group by 35.0% during the first quarter. Commonwealth Equity Services LLC now owns 22,097 shares of the bank’s stock valued at $1,596,000 after acquiring an additional 5,724 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Independent Bank Group by 6.0% during the first quarter. Alliancebernstein L.P. now owns 647,305 shares of the bank’s stock valued at $46,761,000 after acquiring an additional 36,808 shares during the period. USA Financial Portformulas Corp bought a new position in shares of Independent Bank Group during the first quarter valued at $110,000. Finally, The PNC Financial Services Group Inc. lifted its holdings in shares of Independent Bank Group by 32.7% during the first quarter. The PNC Financial Services Group Inc. now owns 1,186 shares of the bank’s stock valued at $86,000 after acquiring an additional 292 shares during the period. 71.39% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:IBTX opened at $65.33 on Wednesday. Independent Bank Group, Inc. has a twelve month low of $41.09 and a twelve month high of $80.71. The firm has a market cap of $2.82 billion, a PE ratio of 11.92 and a beta of 1.94. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.00 and a current ratio of 1.01. The business has a fifty day moving average of $69.83 and a 200-day moving average of $73.40.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 19th. Investors of record on Thursday, August 5th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.08%. This is a positive change from Independent Bank Group’s previous quarterly dividend of $0.32. The ex-dividend date was Wednesday, August 4th. Independent Bank Group’s dividend payout ratio (DPR) is presently 27.93%.
Separately, Zacks Investment Research cut Independent Bank Group from a “buy” rating to a “hold” rating in a report on Tuesday, June 29th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Independent Bank Group currently has an average rating of “Buy” and a consensus target price of $77.38.
In related news, EVP James C. White sold 1,250 shares of Independent Bank Group stock in a transaction dated Monday, August 30th. The stock was sold at an average price of $69.95, for a total value of $87,437.50. Following the completion of the sale, the executive vice president now directly owns 15,253 shares in the company, valued at $1,066,947.35. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.40% of the stock is owned by company insiders.
Independent Bank Group Profile
Independent Bank Group, Inc is a bank holding company, which engages in the provision of a relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. It offers checking, savings, commercial loans, business services and cash management solutions.
See Also: Hold Rating
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