Independent Bank Group Inc (NASDAQ:IBTX) announced a quarterly dividend on Wednesday, July 24th, NASDAQ reports. Stockholders of record on Monday, August 5th will be given a dividend of 0.25 per share by the bank on Thursday, August 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend is Friday, August 2nd.
Independent Bank Group has increased its dividend by an average of 19.1% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Independent Bank Group has a dividend payout ratio of 21.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Independent Bank Group to earn $5.48 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 18.2%.
NASDAQ IBTX opened at $56.81 on Thursday. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Independent Bank Group has a 1-year low of $44.14 and a 1-year high of $71.35. The company has a 50 day simple moving average of $55.30. The firm has a market capitalization of $2.45 billion, a P/E ratio of 12.74 and a beta of 1.43.
A number of equities research analysts have recently weighed in on the stock. Stephens reiterated a “buy” rating and issued a $67.00 price target on shares of Independent Bank Group in a research report on Monday, May 20th. Zacks Investment Research downgraded shares of Independent Bank Group from a “hold” rating to a “sell” rating in a research report on Wednesday, June 26th. ValuEngine upgraded shares of Independent Bank Group from a “strong sell” rating to a “sell” rating in a research report on Friday, May 24th. Finally, BidaskClub downgraded shares of Independent Bank Group from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $63.00.
In related news, Director G Stacy Smith sold 135,000 shares of Independent Bank Group stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $52.90, for a total value of $7,141,500.00. Following the transaction, the director now directly owns 91,022 shares of the company’s stock, valued at $4,815,063.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 10.90% of the company’s stock.
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 offers various deposit products, including demand deposits, money market accounts, and certificates of deposit.
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