Precedent Wealth Partners LLC Makes New Investment in Independent Bank Group, Inc. (NASDAQ:IBTX)

Precedent Wealth Partners LLC acquired a new stake in Independent Bank Group, Inc. (NASDAQ:IBTX) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,193 shares of the bank’s stock, valued at approximately $415,000.

Several other institutional investors have also recently modified their holdings of IBTX. Vanguard Group Inc. lifted its position in Independent Bank Group by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after purchasing an additional 22,245 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Independent Bank Group by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock valued at $105,456,000 after buying an additional 39,091 shares during the last quarter. Magnetar Financial LLC acquired a new position in shares of Independent Bank Group in the 2nd quarter valued at about $14,146,000. Bessemer Group Inc. lifted its holdings in shares of Independent Bank Group by 6.8% in the 1st quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock valued at $10,357,000 after buying an additional 14,534 shares during the period. Finally, Silver Lake Advisory LLC purchased a new stake in shares of Independent Bank Group in the second quarter worth about $5,491,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on IBTX shares. Truist Financial lifted their price target on Independent Bank Group from $65.00 to $66.00 and gave the company a “hold” rating in a research report on Friday, September 20th. Keefe, Bruyette & Woods lifted their target price on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Finally, StockNews.com assumed coverage on shares of Independent Bank Group in a report on Sunday, October 13th. They set a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Independent Bank Group has an average rating of “Hold” and an average target price of $58.33.

Independent Bank Group Stock Down 1.5 %

Independent Bank Group stock opened at $60.58 on Friday. Independent Bank Group, Inc. has a 12 month low of $34.50 and a 12 month high of $62.25. The stock has a market capitalization of $2.51 billion, a PE ratio of 23.94 and a beta of 1.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The business has a 50 day simple moving average of $56.89 and a 200-day simple moving average of $49.52.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.02. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. The business had revenue of $252.52 million for the quarter, compared to the consensus estimate of $120.25 million. During the same period last year, the firm posted $0.82 earnings per share. On average, analysts anticipate that Independent Bank Group, Inc. will post 2.86 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 5th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date was Monday, August 5th. Independent Bank Group’s dividend payout ratio (DPR) is currently 60.08%.

Independent Bank Group Profile

Independent Bank Group, Inc, through its subsidiary, Independent Bank provides various commercial banking products and services to businesses, professionals, and individuals in the United States. It accepts various deposit products, including checking and savings accounts, demand deposits, money market accounts, and certificates of deposit.