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

Independent Bank Group (NASDAQ:IBTX) released its quarterly earnings results on Tuesday. The bank reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.06, Briefing.com reports. The business had revenue of $119.10 million for the quarter, compared to the consensus estimate 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 quarter last year, the firm earned $1.07 EPS.

Independent Bank Group Stock Performance

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

Independent Bank Group Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Truist Financial cut their price target on shares of Independent Bank Group from $58.00 to $52.00 and set a “buy” rating on the stock in a report on Monday, April 1st. Stephens reiterated an “overweight” rating and issued a $55.00 target price on shares of Independent Bank Group in a report on Tuesday. StockNews.com upgraded shares of Independent Bank Group to a “sell” rating in a report on Thursday, January 25th. Keefe, Bruyette & Woods lifted their target price on shares of Independent Bank Group from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Finally, Raymond James lifted their target price on shares of Independent Bank Group from $56.00 to $59.00 and gave the stock an “outperform” rating in a report on Wednesday, January 24th. Two 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. According to data from MarketBeat, Independent Bank Group presently has an average rating of “Hold” and an average target price 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.