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

Independent Bank Group, Inc. (NASDAQ:IBTX - Get Free Report) declared 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 dividend on an annualized basis and a yield of 3.72%. 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 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 Stock Performance

NASDAQ:IBTX traded up $0.27 during mid-day trading on Wednesday, reaching $40.82. The company's stock had a trading volume of 300,964 shares, compared to its average volume of 228,540. Independent Bank Group has a 12-month low of $28.81 and a 12-month high of $53.25. The firm's fifty day moving average price is $43.41 and its two-hundred day moving average price is $43.64. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28. The stock has a market cap of $1.68 billion, a P/E ratio of 39.25 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last issued its 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 business had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. During the same quarter in the previous year, the firm earned $1.07 EPS. Independent Bank Group's revenue was down 15.3% on a year-over-year basis. On average, equities analysts forecast that Independent Bank Group will post 2.88 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Stephens restated an "overweight" rating and set a $55.00 price target on shares of Independent Bank Group in a research note on Tuesday. Truist Financial cut their price target on Independent Bank Group from $58.00 to $52.00 and set a "buy" rating for the company in a research note on Monday, April 1st. Hovde Group cut their price target on Independent Bank Group from $53.00 to $46.00 and set a "market perform" rating for the company in a research note on Wednesday. Raymond James boosted their price target on Independent Bank Group from $56.00 to $59.00 and gave the company an "outperform" rating in a research note on Wednesday, January 24th. 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 research note on Wednesday. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $50.83.

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.