3,546 Shares in Independent Bank Group, Inc. (NASDAQ:IBTX) Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc bought a new stake in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 3,546 shares of the bank’s stock, valued at approximately $204,000.

Several other institutional investors have also added to or reduced their stakes in IBTX. Dimensional Fund Advisors LP raised its holdings in 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 worth $105,456,000 after purchasing an additional 39,091 shares during the period. Magnetar Financial LLC bought a new position in shares of Independent Bank Group in the second quarter worth about $14,146,000. Silver Lake Advisory LLC purchased a new position in shares of Independent Bank Group during the 2nd quarter valued at about $5,491,000. Silvercrest Asset Management Group LLC lifted its position in shares of Independent Bank Group by 28.3% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 81,115 shares of the bank’s stock valued at $3,703,000 after buying an additional 17,875 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its holdings in Independent Bank Group by 7.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 79,245 shares of the bank’s stock worth $3,607,000 after acquiring an additional 5,623 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on IBTX shares. Truist Financial dropped 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 report on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their target price on shares of Independent Bank Group from $69.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Finally, StockNews.com initiated coverage on Independent Bank Group in a report on Friday. They set a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Independent Bank Group presently has an average rating of “Hold” and an average target price of $58.83.

Independent Bank Group Stock Performance

Shares of NASDAQ IBTX opened at $65.49 on Friday. The company has a market cap of $2.71 billion, a P/E ratio of -6.26 and a beta of 1.38. Independent Bank Group, Inc. has a 52-week low of $36.16 and a 52-week high of $67.92. The company has a debt-to-equity ratio of 0.26, a quick ratio of 0.97 and a current ratio of 0.97. The firm’s fifty day moving average is $59.71 and its two-hundred day moving average is $53.10.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). The firm had revenue of $255.18 million during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm posted $0.79 earnings per share. As a group, analysts anticipate that Independent Bank Group, Inc. will post 2.7 EPS for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Thursday, October 31st were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend was Thursday, October 31st. Independent Bank Group’s dividend payout ratio (DPR) is presently -14.53%.

About Independent Bank Group

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.