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

Independent Bank Group, Inc. (NASDAQ:IBTX) declared a quarterly dividend on Monday, October 21st, Zacks reports. Shareholders of record on Thursday, October 31st will be given a dividend of 0.38 per share by the bank on Thursday, November 14th. This represents a $1.52 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Thursday, October 31st.

Independent Bank Group has increased its dividend by an average of 13.1% per year over the last three years. Independent Bank Group has a dividend payout ratio of 40.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank Group to earn $3.79 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 40.1%.

Independent Bank Group Trading Down 0.4 %

Shares of IBTX stock traded down $0.25 during trading hours on Wednesday, hitting $58.21. The company had a trading volume of 3,185 shares, compared to its average volume of 236,795. Independent Bank Group has a fifty-two week low of $34.50 and a fifty-two week high of $62.25. The company’s fifty day moving average is $57.29 and its 200 day moving average is $49.95. The stock has a market capitalization of $2.41 billion, a PE ratio of 23.11 and a beta of 1.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank Group (NASDAQ:IBTX) last announced its quarterly earnings data on Monday, October 21st. The bank reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21). Independent Bank Group had a negative net margin of 43.02% and a positive return on equity of 4.83%. The firm had revenue of $255.18 million during the quarter, compared to analysts’ expectations of $124.48 million. During the same period in the prior year, the company posted $0.79 earnings per share. Research analysts expect that Independent Bank Group will post 2.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on IBTX shares. Truist Financial lowered their target price on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday. Keefe, Bruyette & Woods increased their price target on shares of Independent Bank Group from $57.00 to $66.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Finally, StockNews.com initiated coverage on shares of Independent Bank Group in a research note on Monday. 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, Independent Bank Group presently has a consensus rating of “Hold” and a consensus target price of $57.83.

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.