Independent Bank Group, Inc. (NASDAQ:IBTX) to Issue $0.38 Quarterly Dividend

Independent Bank Group, Inc. (NASDAQ:IBTX) announced a quarterly dividend on Monday, April 22nd, Zacks reports. Investors of record on Thursday, May 2nd will be given a dividend of 0.38 per share by the bank on Thursday, May 16th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Wednesday, May 1st.

Independent Bank Group has increased its dividend by an average of 13.1% annually over the last three years. Independent Bank Group has a payout ratio of 34.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank Group to earn $3.99 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 38.1%.

Independent Bank Group Price Performance

Shares of NASDAQ IBTX opened at $38.29 on Tuesday. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 15.13 and a beta of 1.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Group has a fifty-two week low of $28.81 and a fifty-two week high of $53.25. The firm’s 50-day simple moving average is $43.04 and its 200 day simple moving average is $43.66.

Independent Bank Group (NASDAQ:IBTX) last posted its earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06. The company had revenue of $119.10 million for the quarter, compared to analyst estimates of $121.39 million. Independent Bank Group had a return on equity of 4.97% and a net margin of 10.96%. The company’s revenue for the quarter was down 15.3% on a year-over-year basis. During the same quarter last year, the company earned $1.07 earnings per share. As a group, research analysts anticipate that Independent Bank Group will post 2.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IBTX. Stephens reiterated an “overweight” rating and issued a $55.00 target price on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Raymond James upped their price objective on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. StockNews.com raised shares of Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Piper Sandler downgraded Independent Bank Group from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $48.00 to $38.00 in a research note on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods decreased their price target on Independent Bank Group from $55.00 to $46.00 and set an “outperform” rating for the company in a research report on Friday. Two investment 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. Based on data from MarketBeat, Independent Bank Group presently has an average rating of “Hold” and an average price target of $48.33.

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.