Independent Bank Group (NASDAQ:IBTX) Announces Earnings Results, Beats Estimates By $0.06 EPS

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

Independent Bank Group Stock Performance

Shares of IBTX stock opened at $40.82 on Thursday. The company has a 50 day moving average price of $43.41 and a 200-day moving average price of $43.64. Independent Bank Group has a 52 week low of $28.81 and a 52 week high of $53.25. The firm has a market capitalization of $1.69 billion, a PE ratio of 16.13 and a beta of 1.33. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.23.

Independent Bank Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Shareholders 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 (DPR) is presently 60.08%.

Analyst Ratings Changes

A number of brokerages recently issued reports on IBTX. Hovde Group lowered their price target on shares of Independent Bank Group from $53.00 to $46.00 and set a “market perform” rating for the company in a research report on Wednesday. Stephens reissued an “overweight” rating and set a $55.00 price target on shares of Independent Bank Group in a research report on Tuesday. Piper Sandler cut shares of Independent Bank Group from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $48.00 to $38.00 in a research report on Wednesday. Raymond James lifted their price target on shares of Independent Bank Group from $56.00 to $59.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Finally, StockNews.com raised shares of Independent Bank Group to a “sell” rating in a research report on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Independent Bank Group presently has an average rating of “Hold” and a consensus price target of $50.83.

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.