PNC Financial Services Group Inc. boosted its position in Independent Bank Group, Inc. (NASDAQ:IBTX) by 15.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,374 shares of the bank’s stock after acquiring an additional 188 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Independent Bank Group were worth $102,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the business. Captrust Financial Advisors raised its stake in shares of Independent Bank Group by 82.8% in the 1st quarter. Captrust Financial Advisors now owns 883 shares of the bank’s stock valued at $64,000 after purchasing an additional 400 shares in the last quarter. The PNC Financial Services Group Inc. raised its stake in shares of Independent Bank Group by 32.7% in the 1st quarter. The PNC Financial Services Group Inc. now owns 1,186 shares of the bank’s stock valued at $86,000 after purchasing an additional 292 shares in the last quarter. Corsicana & Co. acquired a new stake in shares of Independent Bank Group in the 2nd quarter valued at about $148,000. Veritable L.P. acquired a new stake in shares of Independent Bank Group in the 1st quarter valued at about $219,000. Finally, Capital Advisors Inc. OK acquired a new stake in shares of Independent Bank Group in the 1st quarter valued at about $225,000. Hedge funds and other institutional investors own 71.39% of the company’s stock.
In other Independent Bank Group news, EVP James C. White sold 1,250 shares of the company’s stock in a transaction dated Monday, August 30th. The shares were sold at an average price of $69.95, for a total value of $87,437.50. Following the completion of the transaction, the executive vice president now owns 15,253 shares in the company, valued at approximately $1,066,947.35. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.00% of the stock is currently owned by corporate insiders.
Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Sunday, July 25th. The bank reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.04. Independent Bank Group had a net margin of 34.94% and a return on equity of 9.41%. The business had revenue of $145.22 million during the quarter, compared to the consensus estimate of $149.30 million. As a group, research analysts forecast that Independent Bank Group, Inc. will post 5.34 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 19th. Shareholders of record on Thursday, August 5th were given a $0.34 dividend. This is a boost from Independent Bank Group’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend was Wednesday, August 4th. This represents a $1.36 annualized dividend and a yield of 2.12%. Independent Bank Group’s dividend payout ratio is 27.93%.
Separately, Zacks Investment Research downgraded shares of Independent Bank Group from a “buy” rating to a “hold” rating in a research report on Tuesday, June 29th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $77.38.
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.
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