BlackRock Inc. Grows Stake in Independent Bank Group Inc (IBTX)
BlackRock Inc. increased its position in shares of Independent Bank Group Inc (NASDAQ:IBTX) by 7.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,252,886 shares of the bank’s stock after purchasing an additional 90,944 shares during the period. BlackRock Inc. owned about 4.42% of Independent Bank Group worth $88,578,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Banc Funds Co. LLC increased its position in shares of Independent Bank Group by 101.8% during the fourth quarter. Banc Funds Co. LLC now owns 46,000 shares of the bank’s stock valued at $3,110,000 after purchasing an additional 23,200 shares during the period. Swiss National Bank boosted its stake in Independent Bank Group by 26.9% in the 4th quarter. Swiss National Bank now owns 25,952 shares of the bank’s stock valued at $1,754,000 after buying an additional 5,500 shares in the last quarter. Forest Hill Capital LLC acquired a new stake in Independent Bank Group in the 4th quarter valued at $4,498,000. Rhumbline Advisers boosted its stake in Independent Bank Group by 11.7% in the 1st quarter. Rhumbline Advisers now owns 19,263 shares of the bank’s stock valued at $1,362,000 after buying an additional 2,025 shares in the last quarter. Finally, US Bancorp DE boosted its stake in Independent Bank Group by 7.9% in the 1st quarter. US Bancorp DE now owns 11,157 shares of the bank’s stock valued at $789,000 after buying an additional 816 shares in the last quarter. Institutional investors and hedge funds own 59.54% of the company’s stock.
Shares of IBTX stock opened at $66.80 on Monday. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $1.90 billion, a P/E ratio of 19.36 and a beta of 1.26. Independent Bank Group Inc has a one year low of $51.70 and a one year high of $79.00.
IBTX has been the topic of several recent analyst reports. ValuEngine raised Independent Bank Group from a “hold” rating to a “buy” rating in a research note on Wednesday, May 9th. BidaskClub raised Independent Bank Group from a “hold” rating to a “buy” rating in a research note on Wednesday, March 21st. Zacks Investment Research raised Independent Bank Group from a “sell” rating to a “hold” rating in a research note on Friday, May 18th. Finally, SunTrust Banks boosted their price target on Independent Bank Group to $80.00 and gave the company a “hold” rating in a research note on Tuesday, May 15th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $75.00.
In other Independent Bank Group news, COO James C. White sold 700 shares of the business’s stock in a transaction on Wednesday, May 9th. The stock was sold at an average price of $75.50, for a total value of $52,850.00. Following the transaction, the chief operating officer now owns 12,898 shares of the company’s stock, valued at $973,799. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Jan C. Webb sold 5,000 shares of the business’s stock in a transaction on Thursday, May 31st. The stock was sold at an average price of $75.56, for a total value of $377,800.00. Following the completion of the transaction, the executive vice president now directly owns 17,295 shares in the company, valued at approximately $1,306,810.20. The disclosure for this sale can be found here. 10.90% of the stock is currently owned by insiders.
Independent Bank Group Profile
Independent Bank Group, Inc operates as the bank holding company for Independent Bank that provides a range of commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products, including checking and savings accounts, demand accounts, money market accounts, and certificates of deposit, as well as individual retirement accounts.
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