Cornercap Investment Counsel Inc. recently acquired a new stake in Independent Bank Group, Inc. during the first quarter of this year, according to a 13F filing submitted to the Securities and Exchange Commission. The firm purchased 22,323 shares of the bank’s stock, with an estimated value of around $1,035,000. As of the most recent filing with the Commission, Cornercap Investment Counsel Inc. owned approximately 0.05% of Independent Bank Group.
Independent Bank Group also made an important announcement regarding its quarterly dividend payment. Stockholders who were listed on record on Thursday, August 3rd received a dividend of $0.38 per share as of Thursday, August 17th. This translates to an annualized dividend payout of $1.52 and a dividend yield of 3.71%. The ex-dividend date was Wednesday, August 2nd.
It is essential for investors and stakeholders to stay informed about companies’ activities and potential strategies for growth in order to make well-informed decisions regarding their investments. For further analysis and insights into Independent Bank Group’s performance and prospects, we encourage readers to review our latest analysis.
The acquisition by Cornercap Investment Counsel Inc., coupled with Independent Bank Group’s consistent dividend payouts, may reflect positive sentiments surrounding the bank’s financial performance and potential for growth in the coming months or years.
Investors should also keep an eye on other indicators such as market trends, regulatory changes, and macroeconomic factors that can influence the banking sector as a whole.
As of now, Independent Bank Group’s dividend payout ratio stands at 70.70%. This represents the proportion of earnings distributed as dividends to shareholders compared to retained earnings used for reinvestment or other purposes by the company.
Given the information available at this time, it is crucial for investors to conduct thorough research before making any investment decisions regarding Independent Bank Group or any other company in their portfolio.
In conclusion, Cornercap Investment Counsel Inc.’s acquisition of a new stake in Independent Bank Group, along with the bank’s recent dividend announcement, suggests positive sentiments surrounding the company. Potential investors and stakeholders should conduct comprehensive research to gauge the bank’s financial performance and potential growth opportunities in order to make well-informed investment choices.
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Increased Interest from Institutional Investors and Analyst Opinions on Independent Bank Group, Inc. (NASDAQ:IBTX)
Independent Bank Group, Inc. (NASDAQ:IBTX) has recently seen a significant increase in stake ownership by institutional investors and hedge funds. Among them is Texas Permanent School Fund Corp, which grew its stake by 29.2% in the first quarter of this year. The company now owns over 31,000 shares of Independent Bank Group’s stock, amounting to approximately $1.47 million.
Venturi Wealth Management LLC also joined the bandwagon by acquiring a new stake in Independent Bank Group during the first quarter worth around $31,000. New York Life Investment Management LLC and SG Americas Securities LLC have also increased their stakes in the company.
These developments come as no surprise considering the recent comments from analysts on Independent Bank Group’s stock. Stephens reiterated an “overweight” rating with a price target of $41.00, while StockNews.com raised its rating to “sell.” Truist Financial has given the company a “buy” rating and lifted its price target to $47.00.
Piper Sandler reaffirmed a “neutral” rating with a price target of $44.00, and Keefe, Bruyette & Woods rated the stock as “outperform” with a price target of $50.00.
However, Bloomberg.com reports that one equities research analyst has issued a sell rating for Independent Bank Group’s stock while two others have assigned hold ratings. With an average rating of “Hold,” the consensus target price for the stock stands at $50.40.
On August 26, 2023, Independent Bank Group traded at $40.97 per share with a trading volume of 96,059 shares – slightly below its average volume of 261,268 shares. The stock’s 50-day moving average price is $40.09, while its 200-day moving average stands at $43.21.
Over the past year, Independent Bank Group has experienced a price range between $28.81 and $71.39, with the current market cap at $1.69 billion. The company has a price-to-earnings ratio of 19.03 and a beta of 1.39. Its current ratio and quick ratio both stand at 1.00, indicating satisfactory liquidity levels, while its debt-to-equity ratio is relatively low at 0.52.
In terms of earnings, Independent Bank Group reported earnings per share (EPS) of $0.82 for the most recent quarter, falling short of analysts’ consensus estimates by ($0.08). The company’s revenue for the same period was $127.70 million, lower than expectations of $139.17 million.
Despite the decrease in revenue compared to the previous year, Independent Bank Group maintains a net margin of 10.68% and a return on equity of 7.71%. Sell-side analysts predict that the company will post an EPS of 3.31 for the current fiscal year.
While there may be differing opinions among analysts regarding Independent Bank Group’s stock, it is evident that institutional investors are showing increased interest in the company. As the stock continues to trade within its price range, investors will closely monitor future earnings reports to evaluate independent Bank Group’s performance and potential for growth in the coming quarters.
