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

Independent Bank Group, Inc. (NASDAQ:IBTX) declared a quarterly dividend on Monday, April 22nd, Zacks reports. Shareholders 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 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date of this dividend is Wednesday, May 1st.

Independent Bank Group has raised its dividend by an average of 13.1% per year over the last three years. Independent Bank Group has a payout ratio of 34.9% meaning its dividend is sufficiently covered by earnings. Equities 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 Trading Down 0.6 %

NASDAQ:IBTX traded down $0.24 on Wednesday, reaching $40.31. The stock had a trading volume of 90,425 shares, compared to its average volume of 225,835. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 38.99 and a beta of 1.33. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.97 and a quick ratio of 0.97. The firm’s fifty day moving average is $43.49 and its two-hundred day moving average is $43.63. 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 earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.99%. The firm’s quarterly revenue was down 15.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 EPS. Equities analysts expect that Independent Bank Group will post 2.88 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on IBTX. Hovde Group cut their price objective 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. Truist Financial lowered their price objective on shares of Independent Bank Group from $58.00 to $52.00 and set a “buy” rating for the company in a research report on Monday, April 1st. Piper Sandler cut Independent Bank Group from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $48.00 to $38.00 in a research note on Wednesday. Keefe, Bruyette & Woods increased their target price on Independent Bank Group from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. Finally, Raymond James increased their target price on Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $50.83.

About Independent Bank Group

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.