Independent Bank Group Inc (NASDAQ:IBTX) posted its quarterly earnings results on Monday. The bank reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.03. Independent Bank Group had a return on equity of 8.93% and a net margin of 23.32%. The firm had revenue of $52.45 million during the quarter, compared to analysts’ expectations of $52 million. During the same quarter in the previous year, the business earned $0.67 earnings per share.
Shares of Independent Bank Group (NASDAQ:IBTX) opened at 59.70 on Wednesday. The company has a market cap of $1.66 billion, a price-to-earnings ratio of 19.70 and a beta of 1.30. The firm’s 50-day moving average price is $60.70 and its 200 day moving average price is $61.35. Independent Bank Group has a 12-month low of $34.00 and a 12-month high of $66.85.
The business also recently declared a quarterly dividend, which was paid on Thursday, May 18th. Shareholders of record on Monday, May 8th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.67%. The ex-dividend date was Thursday, May 4th. Independent Bank Group’s dividend payout ratio is presently 13.89%.
Several research firms have recently weighed in on IBTX. Zacks Investment Research cut Independent Bank Group from a “buy” rating to a “hold” rating in a research note on Thursday, April 27th. Stephens restated a “buy” rating on shares of Independent Bank Group in a research note on Monday, April 24th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $53.60.
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Several large investors have recently made changes to their positions in IBTX. Schwab Charles Investment Management Inc. increased its stake in shares of Independent Bank Group by 7.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 41,609 shares of the bank’s stock valued at $2,676,000 after buying an additional 2,794 shares during the period. Vanguard Group Inc. increased its stake in shares of Independent Bank Group by 16.1% in the first quarter. Vanguard Group Inc. now owns 521,867 shares of the bank’s stock valued at $33,557,000 after buying an additional 72,484 shares during the period. Finally, California Public Employees Retirement System acquired a new stake in shares of Independent Bank Group during the first quarter valued at $354,000. Institutional investors and hedge funds own 33.73% of the company’s stock.
Independent Bank Group Company Profile
Independent Bank Group, Inc is a bank holding company. Through the Company’s subsidiary, Independent Bank (the Bank), the Company provides a range of commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. As of December 31, 2016, the Company operated 41 banking offices in the Dallas/North Texas area, the Austin/Central Texas area, and the Houston metropolitan area.
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