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

Independent Bank Group, Inc. (NASDAQ:IBTX) announced a quarterly dividend on Monday, April 22nd, Zacks reports. Shareholders of record on Thursday, May 2nd will be paid 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 3.71%. The ex-dividend date of this dividend 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 payout ratio of 34.9% meaning 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 Trading Up 0.9 %

NASDAQ IBTX traded up $0.37 on Wednesday, reaching $40.92. The stock had a trading volume of 31,181 shares, compared to its average volume of 225,029. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of 38.99 and a beta of 1.33. The company has a quick ratio of 0.97, a current 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. The stock has a fifty day moving average price of $43.49 and a two-hundred day moving average price of $43.63.

Independent Bank Group (NASDAQ:IBTX) last announced 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. Independent Bank Group had a return on equity of 4.99% and a net margin of 10.96%. The company had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. During the same quarter in the previous year, the company earned $1.07 earnings per share. The firm’s quarterly revenue was down 15.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Independent Bank Group will post 2.88 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on IBTX. Stephens reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Independent Bank Group in a research report on Tuesday. Truist Financial lowered their target price on shares of Independent Bank Group from $58.00 to $52.00 and set a “buy” rating for the company in a research note on Monday, April 1st. StockNews.com upgraded shares of Independent Bank Group to a “sell” rating in a research note on Thursday, January 25th. Hovde Group lowered their target price on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research note on Wednesday. Finally, Piper Sandler downgraded shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $48.00 to $38.00 in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus 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.