Independent Bank Group (NASDAQ:IBTX) Posts Quarterly Earnings Results, Misses Expectations By $0.21 EPS

Independent Bank Group (NASDAQ:IBTX) issued its earnings results on Monday. The bank reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.21), Yahoo Finance reports. The business had revenue of $255.18 million during the quarter, compared to the consensus estimate of $124.48 million. Independent Bank Group had a positive return on equity of 4.83% and a negative net margin of 43.02%. During the same quarter in the previous year, the firm posted $0.79 earnings per share.

Independent Bank Group Stock Performance

Shares of Independent Bank Group stock opened at $57.91 on Thursday. Independent Bank Group has a 52 week low of $34.50 and a 52 week high of $62.25. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The business has a 50 day moving average price of $57.41 and a 200-day moving average price of $50.01. The company has a market cap of $2.40 billion, a PE ratio of 22.89 and a beta of 1.38.

Independent Bank Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Thursday, October 31st will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.52 annualized dividend and a yield of 2.62%. Independent Bank Group’s payout ratio is 60.08%.

Analyst Ratings Changes

Several analysts have recently weighed in on IBTX shares. Keefe, Bruyette & Woods lifted their price objective on shares of Independent Bank Group from $57.00 to $66.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Truist Financial decreased their price target on shares of Independent Bank Group from $66.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, StockNews.com started coverage on shares of Independent Bank Group in a research report on Monday. They set a “sell” rating on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $57.83.

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.