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

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 paid 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 3.86%. The ex-dividend date is Wednesday, May 1st.

Independent Bank Group has raised its dividend by an average of 13.1% annually over the last three years. Independent Bank Group has a dividend payout ratio of 34.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank Group to earn $3.99 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 38.1%.

Independent Bank Group Stock Performance

IBTX opened at $39.34 on Monday. Independent Bank Group has a 12-month low of $28.81 and a 12-month high of $53.25. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of 15.55 and a beta of 1.33. The business has a 50 day moving average of $43.04 and a 200-day moving average of $43.63. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The business’s revenue was down 15.3% on a year-over-year basis. During the same period last year, the firm posted $1.07 earnings per share. On average, equities research analysts expect that Independent Bank Group will post 2.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. StockNews.com upgraded Independent Bank Group to a “sell” rating in a research note on Thursday, January 25th. Hovde Group cut their price objective on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a report on Wednesday, April 24th. Keefe, Bruyette & Woods cut their price objective on Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating on the stock in a report on Friday. Truist Financial cut their price objective on Independent Bank Group from $52.00 to $46.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Piper Sandler downgraded Independent Bank Group from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $48.00 to $38.00 in a report on Wednesday, April 24th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $48.33.

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.