Independent Bank (NASDAQ:INDB) Now Covered by Stephens

Stephens started coverage on shares of Independent Bank (NASDAQ:INDB) in a research report sent to investors on Wednesday morning, MarketBeat reports. The firm issued an overweight rating and a $88.00 price objective on the bank’s stock.

Other analysts have also issued research reports about the stock. Piper Sandler assumed coverage on shares of Independent Bank in a research report on Monday, March 16th. They issued a “neutral” rating and a $84.00 target price on the stock. Barclays lifted their target price on shares of Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research report on Tuesday, April 7th. Weiss Ratings upgraded shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 27th. Finally, Independent Research set a $80.00 target price on shares of Independent Bank in a research report on Wednesday, December 17th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Independent Bank has an average rating of “Hold” and an average target price of $83.40.

Independent Bank Stock Up 1.0%

Shares of NASDAQ INDB opened at $79.16 on Wednesday. The company’s 50-day simple moving average is $78.70 and its 200-day simple moving average is $74.95. Independent Bank has a 52-week low of $52.15 and a 52-week high of $87.00. The firm has a market cap of $3.84 billion, a price-to-earnings ratio of 17.73 and a beta of 0.79. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.02). Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. The company had revenue of $252.72 million during the quarter, compared to analyst estimates of $251.45 million. During the same quarter last year, the business earned $1.06 EPS. Equities analysts predict that Independent Bank will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 30th were given a dividend of $0.64 per share. The ex-dividend date was Monday, March 30th. This is a boost from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 dividend on an annualized basis and a yield of 3.2%. Independent Bank’s dividend payout ratio (DPR) is presently 57.53%.

Insider Transactions at Independent Bank

In related news, Director John J. Morrissey sold 1,988 shares of the business’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $85.70, for a total transaction of $170,371.60. Following the transaction, the director directly owned 12,747 shares in the company, valued at approximately $1,092,417.90. The trade was a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Donna L. Abelli sold 524 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total transaction of $44,540.00. Following the transaction, the director owned 13,247 shares in the company, valued at $1,125,995. The trade was a 3.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

A number of institutional investors have recently bought and sold shares of the company. Harbor Capital Advisors Inc. raised its stake in Independent Bank by 1.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank’s stock worth $930,000 after purchasing an additional 134 shares during the period. Xponance LLC raised its stake in Independent Bank by 3.6% during the fourth quarter. Xponance LLC now owns 3,981 shares of the bank’s stock worth $291,000 after purchasing an additional 140 shares during the period. EverSource Wealth Advisors LLC raised its stake in Independent Bank by 26.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock worth $52,000 after purchasing an additional 146 shares during the period. Vanguard Personalized Indexing Management LLC raised its stake in Independent Bank by 2.0% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank’s stock worth $607,000 after purchasing an additional 161 shares during the period. Finally, Profund Advisors LLC raised its stake in Independent Bank by 5.0% during the third quarter. Profund Advisors LLC now owns 3,732 shares of the bank’s stock worth $258,000 after purchasing an additional 177 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Independent Bank

Here are the key news stories impacting Independent Bank this week:

• Positive Sentiment: Stephens initiated coverage with an Overweight/buy-equivalent rating and set an $88 price target (about a low-double-digit upside vs. current levels), which adds institutional support and a clear upside thesis for the stock. Independent Bank initiated with buy-equivalent at Stephens
• Positive Sentiment: Analysts and retail coverage are highlighting INDB’s dividend appeal, which can attract income-focused buyers and support the share price over time. Independent Bank Corp. (INDB) is a Top Dividend Stock Right Now
• Neutral Sentiment: Revenue was essentially in line with expectations, so the topline didn’t surprise investors either direction. Independent Bank posts in-line earnings, stock dips slightly
• Neutral Sentiment: The company posted its press release and slide deck with quarter detail (ROE ~7.9%, net margin ~17.5%), useful for investors doing deeper model checks. INDB Q1 Press Release
• Negative Sentiment: EPS missed consensus by $0.02 (reported $1.68 vs. $1.70), which triggered short-term selling and is cited by several outlets as the reason for the intraday dip. INDB Q1 Slide Deck
• Negative Sentiment: Zacks and other outlets flagged the quarter as “lagging” estimates on a headline basis, reinforcing near-term downside pressure from investor disappointment. Independent Bank Corp. (INDB) Lags Q1 Earnings and Revenue Estimates

Independent Bank Company Profile

Independent Bank Group, Inc (NASDAQ:INDB) is a bank holding company headquartered in McKinney, Texas, that provides a range of financial services through its wholly owned subsidiary, Independent Bank. Tracing its roots to the late 19th century, the company has grown from a single community bank into a regional financial institution serving individuals, small businesses and commercial clients. Independent Bank Group became a bank holding company in 1983 and expanded its footprint through organic growth and strategic acquisitions.

The company’s primary business activities encompass retail and commercial banking, including deposit products, consumer and business lending and credit services.