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

Independent Bank Group, Inc. (NASDAQ:IBTX) declared a quarterly dividend on Monday, April 22nd, Zacks reports. Investors 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 yield of 3.71%. The ex-dividend date of this dividend is Wednesday, May 1st.

Independent Bank Group has increased its dividend payment by an average of 13.1% annually over the last three years. Independent Bank Group has a dividend payout ratio of 34.9% meaning its dividend is sufficiently covered by earnings. 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 Up 0.9 %

IBTX traded up $0.37 on Wednesday, hitting $40.92. 31,181 shares of the company were exchanged, compared to its average volume of 225,029. The firm has a fifty day simple moving average of $43.49 and a two-hundred day simple moving average of $43.63. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Group has a 12 month low of $28.81 and a 12 month high of $53.25. The stock has a market capitalization of $1.69 billion, a PE ratio of 38.99 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.06. Independent Bank Group had a return on equity of 4.99% and a net margin of 10.96%. The business had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. During the same period last year, the company earned $1.07 EPS. Independent Bank Group’s revenue for the quarter was down 15.3% compared to the same quarter last year. Sell-side analysts expect that Independent Bank Group will post 2.88 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on IBTX shares. Raymond James increased their price objective on Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. StockNews.com raised Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Stephens reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Independent Bank Group in a research report on Tuesday. Keefe, Bruyette & Woods raised their price objective on Independent Bank Group from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Finally, Truist Financial reduced their price objective on 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. Two equities research 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 MarketBeat, the stock currently has an average 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.