Independent Bank Group, Inc. (IBTX) to Issue Quarterly Dividend of $0.38 on August 19th

Independent Bank Group, Inc. (NASDAQ:IBTX) declared a quarterly dividend on Wednesday, July 24th, Zacks reports. Stockholders 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 dividend yield of 2.84%. The ex-dividend date is Monday, August 5th.

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 39.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank Group to earn $3.95 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 38.5%.

Independent Bank Group Price Performance

Shares of IBTX opened at $53.50 on Friday. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 21.15 and a beta of 1.41. Independent Bank Group has a fifty-two week low of $34.50 and a fifty-two week high of $60.53. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The business’s 50-day moving average is $48.14 and its 200-day moving average is $45.55.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Wednesday, July 24th. The bank reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. The company had revenue of $252.52 million for the quarter, compared to the consensus estimate of $120.25 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same quarter in the prior year, the company earned $0.82 EPS. Equities research analysts expect that Independent Bank Group will post 2.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

IBTX has been the topic of a number of research reports. Hovde Group dropped 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. Stephens restated an “overweight” rating and issued a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday, April 23rd. Keefe, Bruyette & Woods increased their price objective on Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Truist Financial increased their price objective on Independent Bank Group from $48.00 to $65.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Finally, StockNews.com began coverage on Independent Bank Group in a report on Friday. They issued a “sell” rating on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $58.17.

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.