Penn Capital Management Co. Inc. Takes Position in Independent Bank Group Inc (IBTX)

Penn Capital Management Co. Inc. acquired a new stake in Independent Bank Group Inc (NASDAQ:IBTX) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 79,325 shares of the bank’s stock, valued at approximately $4,069,000. Penn Capital Management Co. Inc. owned about 0.18% of Independent Bank Group as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. First Manhattan Co. bought a new stake in Independent Bank Group in the 1st quarter valued at about $404,000. Bank of Montreal Can lifted its position in Independent Bank Group by 64.7% in the 4th quarter. Bank of Montreal Can now owns 1,130 shares of the bank’s stock valued at $52,000 after purchasing an additional 444 shares during the last quarter. Summit Securities Group LLC bought a new stake in Independent Bank Group in the 4th quarter valued at about $468,000. Bayview Asset Management LLC bought a new stake in Independent Bank Group in the 4th quarter valued at about $5,973,000. Finally, Sapphire Star Partners LP lifted its position in Independent Bank Group by 2.7% in the 4th quarter. Sapphire Star Partners LP now owns 9,800 shares of the bank’s stock valued at $448,000 after purchasing an additional 253 shares during the last quarter. Hedge funds and other institutional investors own 48.07% of the company’s stock.

Several analysts recently weighed in on the stock. ValuEngine upgraded shares of Independent Bank Group from a “strong sell” rating to a “sell” rating in a research report on Thursday, April 18th. BidaskClub upgraded shares of Independent Bank Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 1st. Zacks Investment Research downgraded shares of Independent Bank Group from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Finally, Stephens set a $69.00 price objective on shares of Independent Bank Group and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Independent Bank Group presently has a consensus rating of “Hold” and a consensus price target of $66.80.

Independent Bank Group stock opened at $53.01 on Thursday. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of 11.90 and a beta of 1.49. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.01 and a current ratio of 1.01. Independent Bank Group Inc has a 52 week low of $44.14 and a 52 week high of $79.00.

Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Monday, April 22nd. The bank reported $1.19 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.19. The firm had revenue of $138.08 million for the quarter, compared to analysts’ expectations of $137.40 million. Independent Bank Group had a net margin of 26.04% and a return on equity of 8.92%. As a group, research analysts forecast that Independent Bank Group Inc will post 5.23 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Monday, May 6th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, May 3rd. This represents a $1.00 annualized dividend and a yield of 1.89%. Independent Bank Group’s payout ratio is 22.42%.

In other Independent Bank Group news, Director Paul W. Taylor sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 21st. The shares were sold at an average price of $57.22, for a total transaction of $286,100.00. Following the transaction, the director now owns 36,229 shares of the company’s stock, valued at approximately $2,073,023.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman Brian E. Hobart bought 1,790 shares of the stock in a transaction on Thursday, April 25th. The shares were bought at an average cost of $55.90 per share, for a total transaction of $100,061.00. Following the purchase, the insider now owns 132,375 shares in the company, valued at approximately $7,399,762.50. The disclosure for this purchase can be found here. 10.90% of the stock is currently owned by company insiders.

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Independent Bank Group 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 offers various deposit products, including demand deposits, money market accounts, and certificates of deposit.

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Institutional Ownership by Quarter for Independent Bank Group (NASDAQ:IBTX)

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