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

Independent Bank Group, Inc. (NASDAQ:IBTX) declared a quarterly dividend on Wednesday, July 24th, Zacks reports. Shareholders of record on Monday, August 5th will be paid a dividend of 0.38 per share by the bank on Monday, August 19th. This represents a $1.52 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend is Monday, August 5th.

Independent Bank Group has increased its dividend by an average of 13.1% per year over the last three years. Independent Bank Group has a payout ratio of 38.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Independent Bank Group to earn $4.00 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 38.0%.

Independent Bank Group Stock Performance

IBTX stock opened at $58.17 on Friday. Independent Bank Group has a twelve month low of $34.50 and a twelve month high of $58.35. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23. The company has a market cap of $2.41 billion, a P/E ratio of 22.99 and a beta of 1.41. The business’s fifty day moving average is $46.75 and its 200-day moving average is $45.27.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Wednesday, July 24th. The bank reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Independent Bank Group had a positive return on equity of 4.58% and a negative net margin of 43.02%. The business had revenue of $252.52 million during the quarter, compared to the consensus estimate of $120.25 million. During the same quarter in the prior year, the company posted $0.82 earnings per share. Equities research analysts forecast that Independent Bank Group will post 2.56 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on IBTX shares. Hovde Group cut 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 research report on Wednesday, April 24th. Piper Sandler raised shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and lifted their price target for the stock from $38.00 to $58.00 in a research report on Friday, May 31st. Truist Financial decreased their price target on shares of Independent Bank Group from $50.00 to $48.00 and set a “hold” rating for the company in a report on Monday, July 8th. StockNews.com assumed coverage on Independent Bank Group in a research note on Thursday. They set a “sell” rating on the stock. Finally, Keefe, Bruyette & Woods boosted their target price on Independent Bank Group from $46.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Independent Bank Group currently has an average rating of “Hold” and a consensus price target of $53.83.

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.