Independent Bank Group Inc (NASDAQ:IBTX) announced a quarterly dividend on Wednesday, July 29th, Zacks reports. Shareholders of record on Monday, August 10th will be paid a dividend of 0.25 per share by the bank on Thursday, August 20th. This represents a $1.00 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend is Friday, August 7th.
Independent Bank Group has raised its dividend by an average of 194.1% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Independent Bank Group has a dividend payout ratio of 27.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank Group to earn $3.64 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 27.5%.
Shares of IBTX traded down $1.68 during mid-day trading on Friday, hitting $43.41. 10,216 shares of the company traded hands, compared to its average volume of 356,900. The company has a market capitalization of $1.88 billion, a PE ratio of 9.93 and a beta of 1.97. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.48. The business has a 50 day moving average of $40.25 and a 200 day moving average of $38.95. Independent Bank Group has a 1-year low of $20.35 and a 1-year high of $63.16.
Independent Bank Group (NASDAQ:IBTX) last released its earnings results on Tuesday, July 28th. The bank reported $1.14 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.25. The company had revenue of $153.75 million for the quarter, compared to the consensus estimate of $141.77 million. Independent Bank Group had a net margin of 26.11% and a return on equity of 8.76%. During the same quarter in the previous year, the firm earned $1.22 EPS. As a group, research analysts expect that Independent Bank Group will post 3.96 EPS for the current fiscal year.
A number of equities analysts recently issued reports on IBTX shares. SunTrust Banks raised their target price on Independent Bank Group from $29.00 to $35.00 and gave the stock a “hold” rating in a research note on Tuesday, May 19th. Hovde Group upgraded Independent Bank Group from a “market perform” rating to an “outperform” rating and reduced their price objective for the stock from $59.00 to $42.00 in a research note on Wednesday, May 27th. Raymond James upgraded Independent Bank Group from a “market perform” rating to an “outperform” rating and set a $41.00 target price on the stock in a research report on Tuesday, May 26th. Zacks Investment Research lowered shares of Independent Bank Group from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Piper Sandler decreased their price objective on shares of Independent Bank Group from $46.00 to $40.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Independent Bank Group currently has a consensus rating of “Buy” and an average price target of $44.33.
About Independent Bank Group
Independent Bank Group, Inc operates as the bank holding company for Independent Bank that provides various commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products, including demand deposits, money market accounts, and certificates of deposit.
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