Castine Capital Management Lowers stake in Independent Bank Group Inc (IBTX)

Independent Bank Group Inc (IBTX) : Castine Capital Management reduced its stake in Independent Bank Group Inc by 16.44% during the most recent quarter end. The investment management company now holds a total of 130,000 shares of Independent Bank Group Inc which is valued at $5,491,200 after selling 25,575 shares in Independent Bank Group Inc , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Independent Bank Group Inc makes up approximately 2.47% of Castine Capital Management’s portfolio.

Other Hedge Funds, Including , Schwab Charles Investment Management Inc boosted its stake in IBTX in the latest quarter, The investment management firm added 4,220 additional shares and now holds a total of 30,871 shares of Independent Bank Group Inc which is valued at $1,303,991. Spark Investment Management sold out all of its stake in IBTX during the most recent quarter. The investment firm sold 18,300 shares of IBTX which is valued $772,992. Tower Research Capital (trc) sold out all of its stake in IBTX during the most recent quarter. The investment firm sold 1,988 shares of IBTX which is valued $83,973. Systematic Financial Management Lp added IBTX to its portfolio by purchasing 36,660 company shares during the most recent quarter which is valued at $1,572,714. Independent Bank Group Inc makes up approx 0.02% of Systematic Financial Management Lp’s portfolio.Goodman Financial Corp reduced its stake in IBTX by selling 9,000 shares or 33.42% in the most recent quarter. The Hedge Fund company now holds 17,934 shares of IBTX which is valued at $760,581. Independent Bank Group Inc makes up approx 0.44% of Goodman Financial Corp’s portfolio.

Independent Bank Group Inc opened for trading at $44.54 and hit $44.855 on the upside on Wednesday, eventually ending the session at $44.77, with a gain of 0.49% or 0.22 points. The heightened volatility saw the trading volume jump to 60,804 shares. Company has a market cap of $827 M.

On the company’s financial health, Independent Bank Group Inc reported $0.74 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jul 25, 2016. Analyst had a consensus of $0.70. The company had revenue of $50.81 million for the quarter, compared to analysts expectations of $50.32 million. The company’s revenue was up 21.3% compared to the same quarter last year.

Many Wall Street Analysts have commented on Independent Bank Group Inc. Company shares were Reiterated by Hovde Group on Jul 27, 2016 to “Market Perform”, Firm has raised the Price Target to $ 45.50 from a previous price target of $43 .Raymond James Initiated Independent Bank Group Inc on Jul 7, 2016 to “Outperform”, Price Target of the shares are set at $44.Independent Bank Group Inc was Upgraded by Evercore ISI to ” Buy” on Jun 9, 2016.

Independent Bank Group Inc. is bank holding company. Through the Company’s wholly owned subsidiary Independent Bank (the Bank) the Company provides a range of relationship-driven commercial banking products and services tailored to meet the needs of businesses professionals and individuals. Commercial lending products include owner-occupied commercial real estate loans interim construction loans commercial loans to a diversified mix of small and midsized businesses and loans to professionals particularly medical practices. Retail lending products include residential first and second mortgage loans and consumer installment loans such as loans to purchase cars boats and other recreational vehicles. The Company operates approximately 39 banking offices in the Dallas-Fort Worth metropolitan area the Austin/Central Texas area and the Houston metropolitan area.

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