Independent Bank Group (NASDAQ:IBTX) Releases Earnings Results, Beats Expectations By $0.02 EPS

Independent Bank Group (NASDAQ:IBTX) posted its earnings results on Wednesday. The bank reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02, Briefing.com reports. The company had revenue of $252.52 million for the quarter, compared to analysts’ expectations of $120.25 million. Independent Bank Group had a positive return on equity of 4.58% and a negative net margin of 43.02%. During the same period last year, the firm earned $0.82 earnings per share.

Independent Bank Group Stock Performance

Shares of Independent Bank Group stock traded up $0.31 during trading on Friday, hitting $58.48. 55,457 shares of the company’s stock traded hands, compared to its average volume of 265,018. The stock has a market capitalization of $2.42 billion, a P/E ratio of 22.99 and a beta of 1.41. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.97 and a quick ratio of 0.97. The business has a 50-day simple moving average of $46.75 and a 200-day simple moving average of $45.27. Independent Bank Group has a 1 year low of $34.50 and a 1 year high of $59.49.

Independent Bank Group Announces Dividend

The firm also recently declared 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 2.60%. The ex-dividend date of this dividend is Monday, August 5th. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on IBTX shares. Hovde Group cut their price objective on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating on the stock in a research report on Wednesday, April 24th. Truist Financial decreased their price objective on shares of Independent Bank Group from $50.00 to $48.00 and set a “hold” rating for the company in a report on Monday, July 8th. Piper Sandler raised shares of Independent Bank Group from an “underweight” rating to an “overweight” rating and lifted their target price for the company from $38.00 to $58.00 in a research note on Friday, May 31st. StockNews.com assumed coverage on shares of Independent Bank Group in a research note on Thursday. They issued a “sell” rating for the company. Finally, Stephens reiterated an “overweight” rating and set a $55.00 target price on shares of Independent Bank Group in a report on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Independent Bank Group currently has an average rating of “Hold” and a consensus price target 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.