Independent Bank Group Inc (NASDAQ:IBTX) announced a quarterly dividend on Thursday, October 25th, Wall Street Journal reports. Investors of record on Monday, November 5th will be paid a dividend of 0.14 per share by the bank on Thursday, November 15th. This represents a $0.56 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date is Friday, November 2nd.
Independent Bank Group has increased its dividend payment by an average of 18.6% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Independent Bank Group has a dividend payout ratio of 12.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank Group to earn $5.29 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 10.6%.
Shares of NASDAQ:IBTX opened at $55.53 on Friday. The firm has a market cap of $1.69 billion, a P/E ratio of 13.10 and a beta of 1.24. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. Independent Bank Group has a 1-year low of $52.71 and a 1-year high of $79.00.
In related news, Vice Chairman Brian E. Hobart acquired 3,700 shares of Independent Bank Group stock in a transaction that occurred on Thursday, October 25th. The stock was purchased at an average price of $54.19 per share, for a total transaction of $200,503.00. Following the completion of the purchase, the insider now directly owns 120,624 shares of the company’s stock, valued at $6,536,614.56. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Michelle S. Hickox sold 500 shares of the firm’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $65.72, for a total transaction of $32,860.00. Following the completion of the sale, the chief financial officer now owns 24,036 shares of the company’s stock, valued at approximately $1,579,645.92. The disclosure for this sale can be found here. Insiders bought a total of 33,200 shares of company stock valued at $2,090,508 in the last 90 days. Company insiders own 10.90% of the company’s stock.
Several analysts have recently commented on IBTX shares. Hovde Group set a $80.00 target price on shares of Independent Bank Group and gave the stock a “buy” rating in a research note on Wednesday, July 25th. Stephens restated a “buy” rating and issued a $86.00 target price on shares of Independent Bank Group in a research note on Tuesday, July 24th. Zacks Investment Research upgraded shares of Independent Bank Group from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Monday, July 16th. BidaskClub upgraded shares of Independent Bank Group from a “sell” rating to a “hold” rating in a research note on Friday, August 17th. Finally, SunTrust Banks set a $64.00 target price on shares of Independent Bank Group and gave the stock a “hold” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $75.00.
About Independent Bank Group
Independent Bank Group, Inc operates as the bank holding company for Independent Bank that provides a range of commercial banking products and services to businesses, professionals, and individuals in the United States. It offers various deposit products, including checking and savings accounts, demand accounts, money market accounts, and certificates of deposit, as well as individual retirement accounts.
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