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

Independent Bank Group, Inc. (NASDAQ:IBTXGet Rating) declared a quarterly dividend on Monday, January 23rd, Zacks reports. Investors of record on Monday, February 6th will be paid a dividend of 0.38 per share by the bank on Thursday, February 16th. This represents a $1.52 annualized dividend and a dividend yield of 2.56%. The ex-dividend date is Friday, February 3rd.

Independent Bank Group has increased its dividend payment by an average of 15.0% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Independent Bank Group has a dividend payout ratio of 27.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Independent Bank Group to earn $5.65 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 26.9%.

Independent Bank Group Price Performance

Shares of Independent Bank Group stock opened at $59.28 on Wednesday. The company’s fifty day simple moving average is $61.66 and its two-hundred day simple moving average is $65.38. Independent Bank Group has a 12-month low of $56.22 and a 12-month high of $79.14. The firm has a market cap of $2.44 billion, a PE ratio of 11.95 and a beta of 1.41. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22.

Independent Bank Group (NASDAQ:IBTXGet Rating) last announced its quarterly earnings results on Tuesday, January 24th. The bank reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.08). Independent Bank Group had a net margin of 27.78% and a return on equity of 8.69%. The business had revenue of $201.00 million for the quarter, compared to analysts’ expectations of $161.40 million. During the same quarter in the prior year, the firm earned $1.28 EPS. As a group, equities analysts expect that Independent Bank Group will post 5.17 EPS for the current year.

Hedge Funds Weigh In On Independent Bank Group

A number of hedge funds have recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd bought a new position in shares of Independent Bank Group during the first quarter valued at $850,000. PDT Partners LLC raised its holdings in shares of Independent Bank Group by 149.3% during the first quarter. PDT Partners LLC now owns 10,592 shares of the bank’s stock valued at $754,000 after purchasing an additional 6,344 shares during the last quarter. Algert Global LLC lifted its position in Independent Bank Group by 43.6% during the third quarter. Algert Global LLC now owns 11,301 shares of the bank’s stock valued at $694,000 after purchasing an additional 3,432 shares during the period. Teachers Retirement System of The State of Kentucky bought a new stake in Independent Bank Group in the 3rd quarter worth approximately $677,000. Finally, Guggenheim Capital LLC raised its stake in Independent Bank Group by 6.1% during the 1st quarter. Guggenheim Capital LLC now owns 8,460 shares of the bank’s stock valued at $602,000 after buying an additional 484 shares during the last quarter. 75.83% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IBTX has been the subject of a number of research reports. Truist Financial decreased their price target on shares of Independent Bank Group from $70.00 to $65.00 in a research note on Wednesday. Hovde Group downgraded Independent Bank Group from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $82.50 to $70.00 in a report on Wednesday, October 26th. Finally, StockNews.com cut shares of Independent Bank Group from a “hold” rating to a “sell” rating in a report on Wednesday, January 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $72.50.

About Independent Bank Group

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Independent Bank Group, Inc operates as the bank holding company for Independent Bank that 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.

Further Reading

Dividend History for Independent Bank Group (NASDAQ:IBTX)

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