Independent Bank Group, Inc. (NASDAQ:IBTX) Declares 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 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 3.77%. 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 dividend payout ratio of 34.9% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

Shares of NASDAQ:IBTX traded down $0.24 during midday trading on Wednesday, reaching $40.31. The company’s stock had a trading volume of 90,425 shares, compared to its average volume of 225,835. The company has a market capitalization of $1.66 billion, a P/E ratio of 38.99 and a beta of 1.33. Independent Bank Group has a fifty-two week low of $28.81 and a fifty-two week high of $53.25. The business’s fifty day simple moving average is $43.49 and its 200-day simple moving average is $43.63. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, topping 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 firm had revenue of $119.10 million during the quarter, compared to the consensus estimate of $121.39 million. During the same quarter in the prior year, the firm posted $1.07 EPS. The business’s revenue was down 15.3% on a year-over-year basis. As a group, equities research analysts expect that Independent Bank Group will post 2.88 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. 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 research report on Wednesday, January 24th. Truist Financial lowered 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. Stephens reiterated an “overweight” rating and issued a $55.00 target price on shares of Independent Bank Group in a report on Tuesday. StockNews.com raised Independent Bank Group to a “sell” rating in a research note on Thursday, January 25th. Finally, Keefe, Bruyette & Woods lifted their target price 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. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target 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.