Keefe, Bruyette & Woods Cuts Independent Bank (NASDAQ:INDB) Price Target to $94.00

Independent Bank (NASDAQ:INDB) had its price target trimmed by Keefe, Bruyette & Woods from $96.00 to $94.00 in a research note released on Monday,Benzinga reports. The brokerage currently has an outperform rating on the bank’s stock.

A number of other analysts have also recently commented on the stock. 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. Raymond James Financial restated a “strong-buy” rating and issued a $97.00 price objective on shares of Independent Bank in a research report on Friday, April 17th. Stephens assumed coverage on shares of Independent Bank in a research report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price objective for the company. Barclays upped their price objective 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. Finally, 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 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $87.50.

Independent Bank Stock Performance

Shares of INDB stock opened at $78.28 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $3.80 billion, a PE ratio of 15.53 and a beta of 0.79. The stock has a 50-day moving average of $78.17 and a 200-day moving average of $75.24. Independent Bank has a one year low of $56.65 and a one year high of $87.00.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, April 16th. The bank reported $1.68 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). The company had revenue of $252.72 million during the quarter, compared to the consensus estimate of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same period last year, the company earned $1.06 earnings per share. As a group, sell-side analysts expect that Independent Bank will post 7.41 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 30th were paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, March 30th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. Independent Bank’s dividend payout ratio (DPR) is currently 50.79%.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 524 shares of the 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 completion of the transaction, the director owned 13,247 shares in the company, valued at approximately $1,125,995. This represents a 3.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John J. Morrissey sold 1,988 shares of the stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $85.70, for a total value of $170,371.60. Following the transaction, the director owned 12,747 shares of the company’s stock, valued at approximately $1,092,417.90. This trade represents a 13.49% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Independent Bank

Large investors have recently added to or reduced their stakes in the company. Cibc World Market Inc. acquired a new position in Independent Bank during the 3rd quarter worth approximately $6,506,000. HighTower Advisors LLC boosted its holdings in Independent Bank by 242.9% during the third quarter. HighTower Advisors LLC now owns 23,406 shares of the bank’s stock worth $1,619,000 after purchasing an additional 16,581 shares during the last quarter. Spinnaker Trust acquired a new position in Independent Bank during the third quarter worth $1,856,000. Rockland Trust Co. boosted its holdings in Independent Bank by 84.1% during the fourth quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock worth $92,199,000 after purchasing an additional 576,183 shares during the last quarter. Finally, White Pine Capital LLC acquired a new position in Independent Bank during the third quarter worth $1,792,000. Institutional investors own 83.40% of the company’s stock.

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.