Zurcher Kantonalbank Zurich Cantonalbank Increases Stake in Independent Bank Group Inc (IBTX)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Independent Bank Group Inc (NASDAQ:IBTX) by 132.2% during the first quarter, HoldingsChannel.com reports. The firm owned 2,989 shares of the bank’s stock after buying an additional 1,702 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Independent Bank Group were worth $153,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. acquired a new stake in shares of Independent Bank Group during the 4th quarter worth approximately $32,000. Valeo Financial Advisors LLC acquired a new stake in Independent Bank Group in the 1st quarter valued at approximately $50,000. Bank of Montreal Can increased 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 acquiring an additional 444 shares during the period. Great West Life Assurance Co. Can increased its position in Independent Bank Group by 87.5% in the 4th quarter. Great West Life Assurance Co. Can now owns 2,402 shares of the bank’s stock valued at $106,000 after acquiring an additional 1,121 shares during the period. Finally, Penn Davis Mcfarland Inc. acquired a new stake in Independent Bank Group in the 1st quarter valued at approximately $201,000. Institutional investors and hedge funds own 48.07% of the company’s stock.

In other news, Director Paul W. Taylor sold 5,000 shares of Independent Bank Group stock in a transaction on Thursday, February 21st. The stock was sold at an average price of $57.22, for a total transaction of $286,100.00. Following the transaction, the director now directly owns 36,229 shares in the company, valued at approximately $2,073,023.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Brian E. Hobart purchased 1,790 shares of the stock in a transaction dated Thursday, April 25th. The shares were purchased at an average price of $55.90 per share, for a total transaction of $100,061.00. Following the completion of the transaction, 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.

IBTX has been the topic of several analyst reports. Stephens set a $69.00 target price on Independent Bank Group and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Zacks Investment Research upgraded Independent Bank Group from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Wednesday, April 3rd. BidaskClub upgraded Independent Bank Group from a “sell” rating to a “hold” rating in a research report on Tuesday, April 16th. Finally, ValuEngine upgraded Independent Bank Group from a “strong sell” rating to a “sell” rating in a research report on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Independent Bank Group presently has a consensus rating of “Hold” and a consensus price target of $66.40.

Shares of IBTX stock traded up $0.59 during mid-day trading on Tuesday, hitting $54.53. 1,740 shares of the stock traded hands, compared to its average volume of 221,551. Independent Bank Group Inc has a twelve month low of $44.14 and a twelve month high of $79.00. The stock has a market cap of $2.32 billion, a PE ratio of 12.22 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 (NASDAQ:IBTX) last issued its quarterly earnings results on Monday, April 22nd. The bank reported $1.19 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.19. Independent Bank Group had a return on equity of 8.92% and a net margin of 26.04%. The company had revenue of $138.08 million for the quarter, compared to analysts’ expectations of $137.40 million. Equities research analysts predict that Independent Bank Group Inc will post 5.23 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 6th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.83%. The ex-dividend date was Friday, May 3rd. Independent Bank Group’s dividend payout ratio (DPR) is presently 22.42%.

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About Independent Bank Group

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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