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

Independent Bank Group, Inc. (NASDAQ:IBTX - Get Free Report) announced a quarterly dividend on Thursday, October 17th, Zacks reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date is Thursday, October 31st.

Independent Bank Group has increased its dividend payment 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. 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 0.9 %

Shares of IBTX stock traded down $0.55 on Wednesday, reaching $57.91. 151,376 shares of the stock were exchanged, compared to its average volume of 237,522. The stock has a market cap of $2.40 billion, a PE ratio of 23.11 and a beta of 1.38. Independent Bank Group has a one year low of $34.50 and a one year high of $62.25. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a 50 day moving average price of $57.29 and a 200 day moving average price of $49.95.

Independent Bank Group (NASDAQ:IBTX - Get Free Report) last released its earnings results on Monday, October 21st. The bank reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates of $0.71 by ($0.21). The firm had revenue of $255.18 million for the quarter, compared to the consensus estimate of $124.48 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same quarter in the previous year, the firm earned $0.79 EPS. Equities research analysts forecast that Independent Bank Group will post 2.86 EPS for the current fiscal year.

Analysts Set New Price Targets

IBTX has been the subject of a number of analyst reports. StockNews.com initiated coverage on Independent Bank Group in a research note on Monday. They set a "sell" rating for the company. Keefe, Bruyette & Woods lifted their price objective on 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, Truist Financial decreased their price objective on Independent Bank Group from $66.00 to $63.00 and set a "hold" rating for the company in a research note on Wednesday. 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, the company has an average rating of "Hold" and an average 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.