Independent Bank Group, Inc. (NASDAQ:IBTX) Announces $0.38 Quarterly Dividend

Independent Bank Group, Inc. (NASDAQ:IBTX) announced a quarterly dividend on Monday, April 22nd, Zacks reports. Stockholders of record on Thursday, May 2nd will be given a dividend of 0.38 per share by the bank on Thursday, May 16th. This represents a $1.52 annualized dividend and a dividend yield of 3.77%. The ex-dividend date is Wednesday, May 1st.

Independent Bank Group has raised its dividend payment by an average of 13.1% per year over the last three years. Independent Bank Group has a dividend payout ratio of 34.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank Group to earn $4.46 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 34.1%.

Independent Bank Group Stock Performance

Shares of IBTX stock traded down $0.25 during trading hours on Wednesday, hitting $40.30. The company’s stock had a trading volume of 105,294 shares, compared to its average volume of 226,014. The company has a 50 day moving average of $43.49 and a 200 day moving average of $43.63. The stock has a market cap of $1.66 billion, a PE ratio of 38.99 and a beta of 1.33. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28. Independent Bank Group has a 12-month low of $28.81 and a 12-month high of $53.25.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. The business had revenue of $119.10 million for the quarter, compared to the consensus estimate of $121.39 million. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.99%. The business’s revenue for the quarter was down 15.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 EPS. On average, sell-side analysts forecast that Independent Bank Group will post 2.88 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on IBTX shares. Truist Financial lowered their price target on shares of Independent Bank Group from $58.00 to $52.00 and set a “buy” rating on the stock in a report on Monday, April 1st. Hovde Group lowered their price target on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a report on Wednesday. Raymond James increased their price target on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Stephens reissued an “overweight” rating and set a $55.00 price target on shares of Independent Bank Group in a report on Tuesday. Finally, Piper Sandler downgraded shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $48.00 to $38.00 in a report on Wednesday. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $50.83.

Independent Bank Group Company Profile

Independent Bank Group, Inc, through its subsidiary, Independent Bank provides various commercial banking products and services to businesses, professionals, and individuals in the United States. It accepts various deposit products, including checking and savings accounts, demand deposits, money market accounts, and certificates of deposit.