Peregrine Capital Management LLC Decreases Stake in Independent Bank Group, Inc. (NASDAQ:IBTX)

Peregrine Capital Management LLC cut its holdings in Independent Bank Group, Inc. (NASDAQ:IBTX - Free Report) by 17.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 172,653 shares of the bank's stock after selling 35,815 shares during the period. Peregrine Capital Management LLC owned about 0.42% of Independent Bank Group worth $8,785,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Independent Bank Group by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 4,139,668 shares of the bank's stock valued at $294,579,000 after purchasing an additional 57,283 shares during the last quarter. FMR LLC grew its holdings in Independent Bank Group by 12.6% during the 3rd quarter. FMR LLC now owns 3,711,543 shares of the bank's stock valued at $146,792,000 after purchasing an additional 414,666 shares during the last quarter. Capital Research Global Investors grew its holdings in Independent Bank Group by 23.4% during the 1st quarter. Capital Research Global Investors now owns 3,042,982 shares of the bank's stock valued at $216,539,000 after purchasing an additional 576,836 shares during the last quarter. State Street Corp grew its holdings in Independent Bank Group by 18.5% during the 2nd quarter. State Street Corp now owns 2,002,249 shares of the bank's stock valued at $69,138,000 after purchasing an additional 313,039 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in Independent Bank Group by 0.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,368,860 shares of the bank's stock valued at $82,242,000 after purchasing an additional 11,708 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors.

Independent Bank Group Stock Down 5.8 %

Shares of IBTX traded down $2.53 during mid-day trading on Wednesday, hitting $40.73. The company's stock had a trading volume of 238,854 shares, compared to its average volume of 228,441. The company's 50-day moving average is $44.25 and its 200-day moving average is $43.53. Independent Bank Group, Inc. has a 52-week low of $28.81 and a 52-week high of $53.25. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 39.16 and a beta of 1.33. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last announced its quarterly earnings results on Tuesday, January 23rd. The bank reported $0.62 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.04). Independent Bank Group had a return on equity of 5.76% and a net margin of 4.68%. The business had revenue of $116.92 million during the quarter, compared to analysts' expectations of $123.83 million. During the same period in the previous year, the company posted $1.20 EPS. Independent Bank Group's revenue for the quarter was down 23.6% on a year-over-year basis. On average, equities research analysts forecast that Independent Bank Group, Inc. will post 2.88 EPS for the current fiscal year.

Independent Bank Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Thursday, February 1st were given a dividend of $0.38 per share. The ex-dividend date was Wednesday, January 31st. This represents a $1.52 dividend on an annualized basis and a yield of 3.73%. Independent Bank Group's payout ratio is 146.16%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Raymond James upped their price target on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an "outperform" rating in a report on Wednesday, January 24th. StockNews.com raised shares of Independent Bank Group to a "sell" rating in a research report on Thursday, January 25th. Stephens reissued an "overweight" rating and issued a $61.00 price objective on shares of Independent Bank Group in a research report on Tuesday, January 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Independent Bank Group from $53.00 to $55.00 and gave the company an "outperform" rating in a research report on Wednesday, January 24th. Finally, Truist Financial lowered their price objective on shares of Independent Bank Group from $58.00 to $52.00 and set a "buy" rating for the company in a research report on Monday, April 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Independent Bank Group presently has an average rating of "Moderate Buy" and an average target price of $54.20.

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.