Independent Bank Group Inc (NASDAQ:IBTX) announced a quarterly dividend on Wednesday, July 29th, Zacks reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date 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 increased its dividend every year for the last 6 years. Independent Bank Group has a dividend payout ratio of 27.2% meaning its dividend is sufficiently covered by earnings. 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 $1.77 during trading hours on Friday, reaching $43.32. 8,981 shares of the stock traded hands, compared to its average volume of 356,900. The company has a market cap of $1.88 billion, a P/E ratio of 9.93 and a beta of 1.97. Independent Bank Group has a 52-week low of $20.35 and a 52-week high of $63.16. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. The company’s 50-day moving average price is $40.25 and its two-hundred day moving average price is $38.95.
Independent Bank Group (NASDAQ:IBTX) last announced its earnings results on Tuesday, July 28th. The bank reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.25. The firm had revenue of $153.75 million for the quarter, compared to analysts’ expectations 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 period in the prior year, the company earned $1.22 EPS. On average, research analysts forecast that Independent Bank Group will post 3.96 EPS for the current year.
A number of equities research analysts recently commented on the stock. Piper Sandler decreased their target price on shares of Independent Bank Group from $46.00 to $40.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Zacks Investment Research cut shares of Independent Bank Group from a “buy” rating to a “hold” rating in a report on Thursday. Raymond James raised shares of Independent Bank Group from a “market perform” rating to an “outperform” rating and set a $41.00 price target for the company in a report on Tuesday, May 26th. Hovde Group raised shares of Independent Bank Group from a “market perform” rating to an “outperform” rating and decreased their price target for the stock from $59.00 to $42.00 in a report on Wednesday, May 27th. Finally, BidaskClub upgraded shares of Independent Bank Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 30th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $44.33.
Independent Bank Group Company Profile
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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