Mutual of America Capital Management LLC Sells 495 Shares of Independent Bank Group, Inc. (NASDAQ:IBTX)

Mutual of America Capital Management LLC reduced its stake in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) by 8.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,423 shares of the bank’s stock after selling 495 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Independent Bank Group were worth $313,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of Independent Bank Group by 1,576.9% in the 3rd quarter. Blue Trust Inc. now owns 872 shares of the bank’s stock worth $50,000 after purchasing an additional 820 shares during the period. CIBC Asset Management Inc purchased a new stake in Independent Bank Group in the third quarter valued at approximately $204,000. AQR Capital Management LLC acquired a new position in Independent Bank Group during the second quarter valued at $212,000. Hennessy Advisors Inc. acquired a new stake in Independent Bank Group during the second quarter worth about $228,000. Finally, Townsend Asset Management Corp NC ADV purchased a new position in Independent Bank Group in the second quarter valued at $230,000. 77.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on IBTX shares. StockNews.com started coverage on Independent Bank Group in a report on Friday, November 22nd. They issued a “sell” rating on the stock. Keefe, Bruyette & Woods lifted their target price on Independent Bank Group from $69.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, Truist Financial reduced their target price on Independent Bank Group from $66.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.83.

Independent Bank Group Price Performance

IBTX stock opened at $67.26 on Friday. Independent Bank Group, Inc. has a 12-month low of $36.16 and a 12-month high of $68.66. The company has a market capitalization of $2.79 billion, a PE ratio of -6.43 and a beta of 1.38. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.26. The business’s fifty day moving average price is $60.37 and its 200 day moving average price is $53.88.

Independent Bank Group (NASDAQ:IBTX) last released its 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). Independent Bank Group had a positive return on equity of 4.49% and a negative net margin of 43.45%. The company had revenue of $255.18 million for the quarter, compared to analyst estimates of $124.48 million. During the same period in the previous year, the firm earned $0.79 earnings per share. On average, sell-side analysts anticipate that Independent Bank Group, Inc. will post 2.7 EPS for the current year.

Independent Bank Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Thursday, October 31st were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.52 annualized dividend and a dividend yield of 2.26%. Independent Bank Group’s dividend payout ratio is currently -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.