Independent Bank Group, Inc (IBTX) Shares Sold by Morgan Stanley
Morgan Stanley lowered its stake in shares of Independent Bank Group, Inc (NASDAQ:IBTX) by 56.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,895 shares of the bank’s stock after selling 24,982 shares during the period. Morgan Stanley owned about 0.10% of Independent Bank Group worth $1,214,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Independent Bank Group by 16.1% during the first quarter. Vanguard Group Inc. now owns 521,867 shares of the bank’s stock worth $33,557,000 after buying an additional 72,484 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Independent Bank Group by 2.2% during the first quarter. Alliancebernstein L.P. now owns 479,090 shares of the bank’s stock worth $30,805,000 after buying an additional 10,453 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Independent Bank Group by 25.6% during the first quarter. Dimensional Fund Advisors LP now owns 430,633 shares of the bank’s stock worth $27,690,000 after buying an additional 87,826 shares in the last quarter. Chartwell Investment Partners LLC purchased a new stake in Independent Bank Group during the first quarter worth about $13,564,000. Finally, Next Century Growth Investors LLC purchased a new stake in Independent Bank Group during the first quarter worth about $9,832,000. 46.49% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have issued reports on the stock. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $76.00 price target on shares of Independent Bank Group in a report on Friday, September 1st. Stephens reaffirmed a “buy” rating and issued a $72.00 price target on shares of Independent Bank Group in a report on Tuesday, June 20th. ValuEngine raised shares of Independent Bank Group from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Sandler O’Neill raised shares of Independent Bank Group from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a report on Monday, June 26th. Finally, Hovde Group raised shares of Independent Bank Group from a “market perform” rating to an “outperform” rating and upped their price target for the company from $68.00 to $69.00 in a report on Wednesday, July 26th. Two equities research analysts have rated the stock with a sell rating and six have issued a buy rating to the company’s stock. Independent Bank Group has an average rating of “Buy” and a consensus price target of $70.67.
Shares of Independent Bank Group, Inc (NASDAQ IBTX) traded up 0.137% during mid-day trading on Wednesday, hitting $54.875. 24,944 shares of the company’s stock traded hands. The stock has a 50 day moving average price of $58.20 and a 200-day moving average price of $59.97. Independent Bank Group, Inc has a 1-year low of $42.73 and a 1-year high of $66.85. The stock has a market cap of $1.52 billion, a P/E ratio of 18.328 and a beta of 1.27.
Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Monday, July 24th. The bank reported $0.82 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.82. Independent Bank Group had a net margin of 23.52% and a return on equity of 8.43%. The company had revenue of $80.50 million for the quarter, compared to analysts’ expectations of $81.31 million. During the same quarter in the previous year, the company posted $0.74 EPS. The business’s revenue was up 58.4% compared to the same quarter last year. Equities research analysts anticipate that Independent Bank Group, Inc will post $3.32 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Shareholders of record on Monday, August 7th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.73%. The ex-dividend date of this dividend was Thursday, August 3rd. Independent Bank Group’s payout ratio is 13.16%.
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In other Independent Bank Group news, Director John Webb Jennings III sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $61.78, for a total value of $185,340.00. Following the completion of the transaction, the director now directly owns 38,350 shares in the company, valued at $2,369,263. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 7.70% of the company’s stock.
About Independent Bank Group
Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), the Company provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. As of December 31, 2016, the Company operated 41 banking offices in the Dallas/North Texas area, the Austin/Central Texas area, and the Houston metropolitan area.
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