Independent Bank Group, Inc. (IBTX) to Issue Quarterly Dividend of $0.38 on February 16th

Independent Bank Group, Inc. (NASDAQ:IBTXGet Rating) declared a quarterly dividend on Monday, January 23rd, Zacks reports. Investors of record on Monday, February 6th will be given a dividend of 0.38 per share by the bank on Thursday, February 16th. This represents a $1.52 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date is Friday, February 3rd.

Independent Bank Group has raised its dividend payment by an average of 15.0% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Independent Bank Group has a dividend payout ratio of 27.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Independent Bank Group to earn $5.65 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 26.9%.

Independent Bank Group Stock Down 1.3 %

NASDAQ:IBTX opened at $58.53 on Wednesday. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of 11.95 and a beta of 1.41. Independent Bank Group has a one year low of $56.22 and a one year high of $79.14. The stock has a 50-day simple moving average of $61.66 and a 200 day simple moving average of $65.38. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94.

Independent Bank Group (NASDAQ:IBTXGet Rating) last issued its earnings results on Tuesday, January 24th. The bank reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.08). Independent Bank Group had a net margin of 27.78% and a return on equity of 8.69%. The company had revenue of $201.00 million during the quarter, compared to analyst estimates of $161.40 million. During the same quarter in the previous year, the firm earned $1.28 earnings per share. Sell-side analysts predict that Independent Bank Group will post 5.17 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on IBTX. Truist Financial decreased their target price on Independent Bank Group from $70.00 to $65.00 in a research note on Wednesday. StockNews.com downgraded Independent Bank Group from a “hold” rating to a “sell” rating in a research report on Wednesday, January 18th. Finally, Hovde Group downgraded Independent Bank Group from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $82.50 to $70.00 in a research report on Wednesday, October 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $72.50.

Hedge Funds Weigh In On Independent Bank Group

Several hedge funds and other institutional investors have recently made changes to their positions in IBTX. Capital Research Global Investors increased its holdings in shares of Independent Bank Group by 23.4% in the first quarter. Capital Research Global Investors now owns 3,042,982 shares of the bank’s stock valued at $216,539,000 after buying an additional 576,836 shares in the last quarter. State Street Corp increased its holdings in shares of Independent Bank Group by 17.9% in the first quarter. State Street Corp now owns 1,987,217 shares of the bank’s stock valued at $141,410,000 after buying an additional 302,174 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Independent Bank Group by 123.4% in the second quarter. Goldman Sachs Group Inc. now owns 313,406 shares of the bank’s stock valued at $21,283,000 after buying an additional 173,117 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Independent Bank Group by 285.0% in the second quarter. Thrivent Financial for Lutherans now owns 115,231 shares of the bank’s stock valued at $7,826,000 after buying an additional 85,297 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Independent Bank Group by 1.4% in the first quarter. Vanguard Group Inc. now owns 4,139,668 shares of the bank’s stock valued at $294,579,000 after buying an additional 57,283 shares in the last quarter. 75.83% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Group Company Profile

(Get Rating)

Independent Bank Group, Inc operates as the bank holding company for Independent Bank that 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.

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Dividend History for Independent Bank Group (NASDAQ:IBTX)

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