Independent Bank Group, Inc. (NASDAQ:IBTX) was the target of a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 778,300 shares, a drop of 15.1% from the March 31st total of 916,400 shares. Based on an average daily trading volume, of 0 shares, the days-to-cover ratio is currently ∞ days.
In other news, EVP James P. Tippit sold 615 shares of Independent Bank Group stock in a transaction on Friday, March 12th. The stock was sold at an average price of $78.73, for a total value of $48,418.95. Following the completion of the sale, the executive vice president now directly owns 14,783 shares of the company's stock, valued at approximately $1,163,865.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director G Stacy Smith sold 13,000 shares of Independent Bank Group stock in a transaction on Thursday, February 4th. The stock was sold at an average price of $67.42, for a total value of $876,460.00. Following the sale, the director now directly owns 70,217 shares of the company's stock, valued at $4,734,030.14. The disclosure for this sale can be found here. Insiders have sold a total of 137,123 shares of company stock valued at $9,985,554 in the last 90 days. 4.00% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Independent Bank Group in the fourth quarter worth $27,633,000. BlackRock Inc. raised its stake in shares of Independent Bank Group by 6.0% during the fourth quarter. BlackRock Inc. now owns 5,769,144 shares of the bank's stock valued at $360,687,000 after acquiring an additional 327,744 shares during the last quarter. HighTower Advisors LLC purchased a new position in shares of Independent Bank Group during the fourth quarter valued at about $17,232,000. Great Lakes Advisors LLC purchased a new position in shares of Independent Bank Group during the fourth quarter valued at about $6,645,000. Finally, JPMorgan Chase & Co. increased its position in shares of Independent Bank Group by 47.1% during the fourth quarter. JPMorgan Chase & Co. now owns 142,635 shares of the bank's stock valued at $8,917,000 after buying an additional 45,669 shares during the period. Institutional investors and hedge funds own 67.76% of the company's stock.
Shares of Independent Bank Group stock opened at $75.57 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.30. The business has a 50-day moving average price of $74.82 and a two-hundred day moving average price of $65.66. The company has a market cap of $3.26 billion, a P/E ratio of 16.83 and a beta of 1.85. Independent Bank Group has a 1-year low of $24.73 and a 1-year high of $80.71.
Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Sunday, April 25th. The bank reported $1.39 EPS for the quarter, beating the Thomson Reuters' consensus estimate of $1.34 by $0.05. Independent Bank Group had a return on equity of 8.68% and a net margin of 27.32%. Equities research analysts forecast that Independent Bank Group will post 4.87 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 20th. Shareholders of record on Thursday, May 6th will be given a dividend of $0.32 per share. The ex-dividend date is Wednesday, May 5th. This represents a $1.28 annualized dividend and a dividend yield of 1.69%. This is a boost from Independent Bank Group's previous quarterly dividend of $0.30. Independent Bank Group's dividend payout ratio (DPR) is currently 23.62%.
A number of equities analysts have weighed in on the company. Truist Securities boosted their price target on Independent Bank Group from $75.00 to $87.00 and gave the stock a "buy" rating in a research report on Thursday, March 25th. Truist upped their target price on Independent Bank Group from $75.00 to $87.00 in a research note on Friday, March 19th. Finally, Zacks Investment Research upgraded Independent Bank Group from a "hold" rating to a "buy" rating and set a $81.00 price target for the company in a research note on Wednesday, April 7th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Independent Bank Group currently has a consensus rating of "Buy" and a consensus target price of $60.21.
Independent Bank Group Company Profile
Independent Bank Group, Inc operates as the bank holding company for Independent Bank that 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.
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