Independent Bank Group (NASDAQ:IBTX) Announces Earnings Results

Independent Bank Group (NASDAQ:IBTX) issued its quarterly earnings results on Wednesday. The bank reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02, Briefing.com reports. The business had revenue of $252.52 million during the quarter, compared to analysts’ expectations of $120.25 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 prior year, the business posted $0.82 earnings per share.

Independent Bank Group Trading Up 2.4 %

Shares of NASDAQ IBTX traded up $1.42 during midday trading on Friday, hitting $59.59. The company’s stock had a trading volume of 283,841 shares, compared to its average volume of 230,019. The company has a current ratio of 0.96, a quick ratio of 0.97 and a debt-to-equity ratio of 0.25. The business’s 50 day moving average is $46.75 and its two-hundred day moving average is $45.27. Independent Bank Group has a 12-month low of $34.50 and a 12-month high of $59.71. The firm has a market cap of $2.47 billion, a P/E ratio of 23.55 and a beta of 1.41.

Independent Bank Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 5th will be paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 2.55%. The ex-dividend date is Monday, August 5th. Independent Bank Group’s payout ratio is 60.08%.

Wall Street Analysts Forecast Growth

IBTX has been the subject of a number of recent analyst reports. Stephens reaffirmed an “overweight” rating and issued a $55.00 price objective on shares of Independent Bank Group in a research note on Tuesday, April 23rd. Keefe, Bruyette & Woods upped their price objective on Independent Bank Group from $46.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 9th. StockNews.com assumed coverage on Independent Bank Group in a research note on Thursday. They issued a “sell” rating for the company. Hovde Group dropped their price target on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research note on Wednesday, April 24th. Finally, Truist Financial dropped their price target on Independent Bank Group from $50.00 to $48.00 and set a “hold” rating for the company in a research note on Monday, July 8th. One 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. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $53.83.

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.