Amalgamated Bank Trims Stock Position in Independent Bank Group, Inc. (NASDAQ:IBTX)

Amalgamated Bank decreased its position in Independent Bank Group, Inc. (NASDAQ:IBTX) by 3.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,617 shares of the bank’s stock after selling 389 shares during the period. Amalgamated Bank’s holdings in Independent Bank Group were worth $612,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in shares of Independent Bank Group by 1.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,316,743 shares of the bank’s stock valued at $105,456,000 after purchasing an additional 39,091 shares during the last quarter. Magnetar Financial LLC purchased a new stake in Independent Bank Group in the 2nd quarter valued at about $14,146,000. Bessemer Group Inc. lifted its position in Independent Bank Group by 6.8% in the first 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 last quarter. Silver Lake Advisory LLC purchased a new position in Independent Bank Group during the second quarter worth about $5,491,000. Finally, Silvercrest Asset Management Group LLC increased its position in shares of Independent Bank Group by 28.3% during the first quarter. Silvercrest Asset Management Group LLC now owns 81,115 shares of the bank’s stock valued at $3,703,000 after acquiring an additional 17,875 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Independent Bank Group Stock Performance

Independent Bank Group stock opened at $63.57 on Friday. Independent Bank Group, Inc. has a fifty-two week low of $36.16 and a fifty-two week high of $67.92. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of -6.08 and a beta of 1.38. The stock has a fifty day moving average of $59.05 and a two-hundred day moving average of $52.40. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last issued its quarterly earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.21). The company had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. During the same period last year, the company posted $0.79 EPS. On average, analysts anticipate that Independent Bank Group, Inc. will post 2.51 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.39%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s payout ratio is currently -14.53%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. StockNews.com started coverage on shares of Independent Bank Group in a report on Thursday. They issued a “sell” rating for the company. Keefe, Bruyette & Woods raised their price target on Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Finally, Truist Financial cut their price objective on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a report on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $58.83.

Independent Bank Group Company 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.