Independent Bank Group (NASDAQ:IBTX) Announces Quarterly Earnings Results

Independent Bank Group (NASDAQ:IBTX) released its earnings results on Tuesday. The bank reported $0.63 EPS for the quarter, topping the consensus estimate of $0.57 by $0.06, Briefing.com reports. The firm had revenue of $119.10 million during the quarter, compared to analysts’ expectations of $121.39 million. Independent Bank Group had a net margin of 10.96% and a return on equity of 4.97%. Independent Bank Group’s revenue for the quarter was down 15.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.07 EPS.

Independent Bank Group Stock Performance

NASDAQ:IBTX opened at $40.82 on Thursday. 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 firm has a 50-day moving average of $43.41 and a two-hundred day moving average of $43.64. The stock has a market cap of $1.69 billion, a P/E ratio of 16.13 and a beta of 1.33. Independent Bank Group has a 1-year low of $28.81 and a 1-year high of $53.25.

Independent Bank Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Thursday, May 2nd will be issued a $0.38 dividend. The ex-dividend date is Wednesday, May 1st. This represents a $1.52 annualized dividend and a yield of 3.72%. Independent Bank Group’s dividend payout ratio is currently 60.08%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on IBTX. Piper Sandler downgraded Independent Bank Group from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $48.00 to $38.00 in a report on Wednesday. Raymond James upped their price objective on Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Stephens restated an “overweight” rating and set a $55.00 price objective on shares of Independent Bank Group in a report on Tuesday. Keefe, Bruyette & Woods upped their price objective on Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Finally, Hovde Group lowered their price target on Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $50.83.

Independent Bank Group Company Profile

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.