Independent Bank Group (NASDAQ:IBTX) Posts Earnings Results

Independent Bank Group (NASDAQ:IBTX) issued its quarterly earnings data on Tuesday. The bank reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.06, Briefing.com reports. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.99%. The business had revenue of $119.10 million during the quarter, compared to analysts’ expectations of $121.39 million. During the same period last year, the company posted $1.07 EPS. The business’s revenue was down 15.3% on a year-over-year basis.

Independent Bank Group Stock Performance

NASDAQ IBTX traded up $0.27 during mid-day trading on Wednesday, reaching $40.82. 300,968 shares of the stock were exchanged, compared to its average volume of 227,299. The business’s 50 day moving average is $43.49 and its 200-day moving average is $43.63. Independent Bank Group has a 1 year low of $28.81 and a 1 year high of $53.25. The company has a market capitalization of $1.68 billion, a P/E ratio of 39.17 and a beta of 1.33. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.97 and a current ratio of 0.97.

Independent Bank Group Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Truist Financial dropped their price target on shares of Independent Bank Group from $58.00 to $52.00 and set a “buy” rating for the company in a research note on Monday, April 1st. Piper Sandler cut shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $48.00 to $38.00 in a research note on Wednesday. Raymond James lifted their price target on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 24th. Finally, Hovde Group lowered their price objective on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average 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.