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

Independent Bank Group, Inc. (NASDAQ:IBTX) announced a quarterly dividend on Monday, April 22nd, Zacks reports. Shareholders 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 3.97%. 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% indicating that its dividend is sufficiently covered by earnings. 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 Down 2.7 %

Shares of NASDAQ:IBTX opened at $38.29 on Tuesday. The company has a 50 day moving average of $43.04 and a 200-day moving average of $43.66. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 15.13 and a beta of 1.33. Independent Bank Group has a one year low of $28.81 and a one year high of $53.25. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97.

Independent Bank Group (NASDAQ:IBTX) last posted its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.06. The business had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The firm’s revenue was down 15.3% on a year-over-year basis. During the same period last year, the company earned $1.07 EPS. On average, sell-side analysts forecast that Independent Bank Group will post 2.63 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Hovde Group reduced their price objective on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 24th. Piper Sandler cut Independent Bank Group from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $48.00 to $38.00 in a research note on Wednesday, April 24th. Truist Financial dropped their target price on shares of Independent Bank Group from $52.00 to $46.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Raymond James upped their price target on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Finally, Stephens reissued an “overweight” rating and issued a $55.00 price target on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Independent Bank Group has an average rating of “Hold” and an average price target 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.