Independent Bank Group (NASDAQ:IBTX) Releases Earnings Results, Beats Expectations By $0.02 EPS

Independent Bank Group (NASDAQ:IBTX) announced its quarterly earnings results on Wednesday. The bank reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02, Briefing.com reports. The business had revenue of $252.52 million for the quarter, compared to the consensus estimate of $120.25 million. Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.58%. During the same period last year, the company posted $0.82 EPS.

Independent Bank Group Stock Up 2.0 %

Shares of NASDAQ:IBTX traded up $1.19 during midday trading on Friday, hitting $59.36. The stock had a trading volume of 183,483 shares, compared to its average volume of 265,929. Independent Bank Group has a 12 month low of $34.50 and a 12 month high of $59.49. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23. The business’s 50-day simple moving average is $46.75 and its 200-day simple moving average is $45.27. The company has a market cap of $2.46 billion, a P/E ratio of 23.14 and a beta of 1.41.

Independent Bank Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 19th. Investors of record on Monday, August 5th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $1.52 annualized dividend and a dividend yield of 2.56%. Independent Bank Group’s dividend payout ratio is presently 60.08%.

Wall Street Analysts Forecast Growth

IBTX has been the topic of a number of analyst reports. Piper Sandler upgraded shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and increased their price target for the company from $38.00 to $58.00 in a research report on Friday, May 31st. Stephens reissued an “overweight” rating and set a $55.00 target price on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Truist Financial lowered their target price on Independent Bank Group from $50.00 to $48.00 and set a “hold” rating for the company in a research note on Monday, July 8th. Keefe, Bruyette & Woods increased their target price on Independent Bank Group from $46.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 9th. Finally, StockNews.com started coverage on Independent Bank Group in a research note on Thursday. They set a “sell” rating for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $53.83.

About Independent Bank Group

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.