Citigroup Inc. Sells 89,508 Shares of Independent Bank Group, Inc. (NASDAQ:IBTX)

Citigroup Inc. trimmed its holdings in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) by 55.7% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 71,054 shares of the bank’s stock after selling 89,508 shares during the quarter. Citigroup Inc. owned 0.17% of Independent Bank Group worth $4,097,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of IBTX. Blue Trust Inc. increased its stake in Independent Bank Group by 1,576.9% during the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after purchasing an additional 820 shares in the last quarter. CIBC Asset Management Inc bought a new position in shares of Independent Bank Group during the 3rd quarter worth approximately $204,000. AQR Capital Management LLC bought a new position in shares of Independent Bank Group during the 2nd quarter worth approximately $212,000. Hennessy Advisors Inc. bought a new position in shares of Independent Bank Group during the 2nd quarter worth approximately $228,000. Finally, Townsend Asset Management Corp NC ADV bought a new position in shares of Independent Bank Group during the 2nd quarter worth approximately $230,000. 77.90% of the stock is owned by institutional investors.

Independent Bank Group Stock Performance

IBTX opened at $66.63 on Wednesday. Independent Bank Group, Inc. has a fifty-two week low of $36.47 and a fifty-two week high of $68.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a fifty day moving average of $60.82 and a 200-day moving average of $54.48.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The firm had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. During the same period in the prior year, the business posted $0.79 EPS. On average, research analysts forecast that Independent Bank Group, Inc. will post 2.7 EPS for the current year.

Independent Bank Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Thursday, October 31st. Independent Bank Group’s payout ratio is currently -14.53%.

Analysts Set New Price Targets

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

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.