Independent Bank Group, Inc. (IBTX) To Go Ex-Dividend on May 1st

Independent Bank Group, Inc. (NASDAQ:IBTX) announced a quarterly dividend on Monday, April 22nd, Zacks reports. Stockholders of record on Thursday, May 2nd will be paid 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 3.77%. The ex-dividend date of this dividend is Wednesday, May 1st.

Independent Bank Group has raised its dividend payment by an average of 13.1% per year over the last three years. Independent Bank Group has a payout ratio of 34.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Independent Bank Group to earn $4.46 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 34.1%.

Independent Bank Group Price Performance

Shares of NASDAQ:IBTX traded down $0.25 during midday trading on Wednesday, reaching $40.30. 105,294 shares of the company were exchanged, compared to its average volume of 226,014. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.28. The business’s fifty day moving average is $43.49 and its two-hundred day moving average is $43.63. Independent Bank Group has a one year low of $28.81 and a one year high of $53.25. The stock has a market cap of $1.66 billion, a PE ratio of 38.99 and a beta of 1.33.

Independent Bank Group (NASDAQ:IBTX) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.99%. The firm had revenue of $119.10 million during the quarter, compared to analyst estimates of $121.39 million. During the same quarter in the prior year, the business earned $1.07 earnings per share. Independent Bank Group’s revenue for the quarter was down 15.3% on a year-over-year basis. As a group, analysts predict that Independent Bank Group will post 2.88 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on IBTX. Piper Sandler lowered shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $48.00 to $38.00 in a research report on Wednesday. Stephens reiterated an “overweight” rating and set a $55.00 price objective on shares of Independent Bank Group in a research report on Tuesday. Keefe, Bruyette & Woods increased their price objective on shares of Independent Bank Group from $53.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Raymond James increased their price objective on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Finally, StockNews.com upgraded shares of Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Independent Bank Group currently has a consensus rating of “Hold” and a consensus target price 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.