Silver Lake Advisory LLC Invests $5.49 Million in Independent Bank Group, Inc. (NASDAQ:IBTX)

Silver Lake Advisory LLC acquired a new stake in shares of Independent Bank Group, Inc. (NASDAQ:IBTX) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 120,636 shares of the bank’s stock, valued at approximately $5,491,000. Independent Bank Group makes up 1.0% of Silver Lake Advisory LLC’s portfolio, making the stock its 19th largest position. Silver Lake Advisory LLC owned about 0.29% of Independent Bank Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Independent Bank Group by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 4,180,301 shares of the bank’s stock valued at $212,694,000 after buying an additional 22,245 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Independent Bank Group by 1.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,114,470 shares of the bank’s stock valued at $107,588,000 after purchasing an additional 40,112 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Independent Bank Group by 4.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 770,665 shares of the bank’s stock valued at $39,211,000 after purchasing an additional 35,806 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Independent Bank Group by 7.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 428,793 shares of the bank’s stock worth $21,817,000 after buying an additional 28,395 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in Independent Bank Group by 6.8% during the first quarter. Bessemer Group Inc. now owns 226,860 shares of the bank’s stock valued at $10,357,000 after buying an additional 14,534 shares during the period. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Stephens reaffirmed an “overweight” rating and issued a $55.00 price target on shares of Independent Bank Group in a report on Tuesday, April 23rd. Truist Financial lifted their target price on shares of Independent Bank Group from $48.00 to $65.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Hovde Group dropped their target price on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research report on Wednesday, April 24th. Piper Sandler raised shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and lifted their price objective for the stock from $38.00 to $58.00 in a report on Friday, May 31st. Finally, StockNews.com began coverage on shares of Independent Bank Group in a report on Saturday, August 10th. They issued a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Independent Bank Group has an average rating of “Hold” and an average price target of $58.17.

Independent Bank Group Trading Up 1.9 %

IBTX stock traded up $1.00 during trading on Friday, reaching $54.99. The company had a trading volume of 112,853 shares, compared to its average volume of 260,688. Independent Bank Group, Inc. has a 52 week low of $34.50 and a 52 week high of $60.53. The company has a market cap of $2.28 billion, a P/E ratio of 21.64 and a beta of 1.41. The business has a 50 day moving average of $49.38 and a 200 day moving average of $45.64. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. The firm had revenue of $252.52 million during the quarter, compared to analyst estimates of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same quarter in the prior year, the company earned $0.82 EPS. As a group, sell-side analysts forecast that Independent Bank Group, Inc. will post 2.69 earnings per share for the current fiscal year.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 19th. Investors of record on Monday, August 5th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.76%. Independent Bank Group’s payout ratio is 60.08%.

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.