Independent Bank Group (NASDAQ:IBTX) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Independent Bank Group (NASDAQ:IBTX) announced its quarterly earnings results on Tuesday. The bank reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.06, Briefing.com reports. The business had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a return on equity of 4.99% and a net margin of 10.96%. The firm’s revenue was down 15.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.07 EPS.

Independent Bank Group Price Performance

Independent Bank Group stock traded up $0.27 on Wednesday, reaching $40.82. The company’s stock had a trading volume of 300,968 shares, compared to its average volume of 227,299. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $1.68 billion, a price-to-earnings ratio of 39.17 and a beta of 1.33. The business’s fifty day moving average price is $43.49 and its 200 day moving average price is $43.63. Independent Bank Group has a twelve month low of $28.81 and a twelve month high of $53.25.

Independent Bank Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders of record on Thursday, May 2nd will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend is Wednesday, May 1st. Independent Bank Group’s dividend payout ratio (DPR) is 146.15%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IBTX. StockNews.com upgraded Independent Bank Group to a “sell” rating in a report on Thursday, January 25th. Piper Sandler lowered Independent Bank Group from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $48.00 to $38.00 in a report on Wednesday. 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 report on Wednesday. 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 report on Monday, April 1st. Finally, Raymond James upped their price target on Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $50.83.

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.