Independent Bank Group, Inc. (NASDAQ:IBTX) Raises Dividend to $0.32 Per Share

Independent Bank Group, Inc. (NASDAQ:IBTX) announced a quarterly dividend on Monday, April 26th, Zacks reports. Investors of record on Thursday, May 6th will be paid a dividend of 0.32 per share by the bank on Thursday, May 20th. This represents a $1.28 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date is Wednesday, May 5th. This is an increase from Independent Bank Group’s previous quarterly dividend of $0.30.

Independent Bank Group has raised its dividend by 162.5% over the last three years and has raised its dividend annually for the last 1 consecutive years. Independent Bank Group has a payout ratio of 25.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank Group to earn $4.79 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 26.7%.

Independent Bank Group stock opened at $75.57 on Tuesday. The stock has a 50-day moving average price of $74.82 and a two-hundred day moving average price of $65.66. Independent Bank Group has a 12 month low of $24.73 and a 12 month high of $80.71. The company has a market capitalization of $3.26 billion, a PE ratio of 16.83 and a beta of 1.85. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.30.

Independent Bank Group (NASDAQ:IBTX) last released its quarterly earnings data on Sunday, April 25th. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.34 by $0.05. Independent Bank Group had a return on equity of 8.68% and a net margin of 27.32%. As a group, analysts predict that Independent Bank Group will post 4.87 earnings per share for the current fiscal year.

A number of brokerages have recently commented on IBTX. Truist Securities lifted their price target on shares of Independent Bank Group from $75.00 to $87.00 and gave the stock a “buy” rating in a report on Thursday, March 25th. Truist raised their target price on Independent Bank Group from $75.00 to $87.00 in a research report on Friday, March 19th. Finally, Zacks Investment Research upgraded Independent Bank Group from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research report on Wednesday, April 7th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $60.21.

In other news, EVP James P. Tippit sold 615 shares of Independent Bank Group stock in a transaction dated Friday, March 12th. The stock was sold at an average price of $78.73, for a total value of $48,418.95. Following the completion of the transaction, the executive vice president now directly owns 14,783 shares of the company’s stock, valued at approximately $1,163,865.59. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director G Stacy Smith sold 13,000 shares of the business’s stock in a transaction dated Thursday, February 4th. The shares were sold at an average price of $67.42, for a total value of $876,460.00. Following the completion of the transaction, the director now directly owns 70,217 shares in the company, valued at $4,734,030.14. The disclosure for this sale can be found here. In the last 90 days, insiders sold 137,123 shares of company stock worth $9,985,554. 4.00% of the stock is owned by company insiders.

Independent Bank Group Company Profile

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.

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Dividend History for Independent Bank Group (NASDAQ:IBTX)

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