Short Interest in Independent Bank Group, Inc (IBTX) Expands By 76.7%

Independent Bank Group, Inc (NASDAQ:IBTX) was the target of a significant growth in short interest in November. As of November 15th, there was short interest totalling 1,232,274 shares, a growth of 76.7% from the October 31st total of 697,252 shares. Based on an average daily trading volume, of 171,591 shares, the days-to-cover ratio is currently 7.2 days. Approximately 7.5% of the company’s stock are short sold.

Several research firms recently weighed in on IBTX. BidaskClub raised shares of Independent Bank Group from a “hold” rating to a “buy” rating in a research note on Saturday. Piper Jaffray Companies reissued a “buy” rating and issued a $76.00 target price on shares of Independent Bank Group in a research note on Friday, September 1st. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $71.00 target price on shares of Independent Bank Group in a research note on Wednesday, October 4th. Finally, Zacks Investment Research raised shares of Independent Bank Group from a “sell” rating to a “hold” rating in a research note on Friday, October 6th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $71.40.

In related news, Vice Chairman Daniel W. Brooks sold 7,497 shares of the firm’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $61.50, for a total value of $461,065.50. Following the completion of the transaction, the insider now directly owns 142,332 shares of the company’s stock, valued at $8,753,418. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Daniel W. Brooks sold 25,000 shares of the firm’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $68.30, for a total transaction of $1,707,500.00. The disclosure for this sale can be found here. Insiders sold 87,397 shares of company stock valued at $5,565,604 over the last three months. 7.70% of the stock is owned by company insiders.

A number of institutional investors have recently made changes to their positions in the business. California Public Employees Retirement System lifted its holdings in Independent Bank Group by 72.6% during the 3rd quarter. California Public Employees Retirement System now owns 10,531 shares of the bank’s stock valued at $635,000 after purchasing an additional 4,431 shares during the last quarter. Jane Street Group LLC acquired a new stake in Independent Bank Group during the 3rd quarter valued at $324,000. Castine Capital Management LLC lifted its holdings in Independent Bank Group by 36.0% during the 3rd quarter. Castine Capital Management LLC now owns 121,538 shares of the bank’s stock valued at $7,328,000 after purchasing an additional 32,185 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Independent Bank Group by 23.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 644,395 shares of the bank’s stock valued at $38,857,000 after purchasing an additional 120,480 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in Independent Bank Group by 44.1% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 85,425 shares of the bank’s stock valued at $5,152,000 after purchasing an additional 26,150 shares during the last quarter. 49.75% of the stock is owned by institutional investors and hedge funds.

Shares of Independent Bank Group (NASDAQ IBTX) opened at $68.95 on Monday. Independent Bank Group has a twelve month low of $51.70 and a twelve month high of $70.45. The stock has a market capitalization of $1,944.20, a price-to-earnings ratio of 20.40 and a beta of 1.31. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.55.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings results on Monday, October 23rd. The bank reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.01. Independent Bank Group had a return on equity of 8.11% and a net margin of 23.46%. The business had revenue of $84.99 million during the quarter, compared to the consensus estimate of $83.00 million. During the same quarter last year, the firm posted $0.78 EPS. equities research analysts expect that Independent Bank Group will post 3.47 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 16th. Shareholders of record on Monday, November 6th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.58%. The ex-dividend date was Friday, November 3rd. Independent Bank Group’s dividend payout ratio is 12.90%.

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About Independent Bank Group

Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), the Company provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. As of December 31, 2016, the Company operated 41 banking offices in the Dallas/North Texas area, the Austin/Central Texas area, and the Houston metropolitan area.

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