Independent Bank Corp. (NASDAQ:INDB) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Independent Bank Corp. (NASDAQ:INDB) have been assigned a consensus rating of “Moderate Buy” from the eight analysts that are presently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $90.7143.

INDB has been the topic of several recent analyst reports. Hovde Group initiated coverage on Independent Bank in a research note on Friday, May 15th. They issued an “outperform” rating and a $95.00 price target on the stock. Barclays boosted their price target on Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research note on Tuesday, April 7th. Piper Sandler initiated coverage on Independent Bank in a research note on Monday, March 16th. They issued a “neutral” rating and a $84.00 price target on the stock. Weiss Ratings raised Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. Finally, Keefe, Bruyette & Woods dropped their price target on Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a research note on Monday, April 20th.

Insider Activity at Independent Bank

In other news, Director Joseph C. Lerner sold 2,832 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the sale, the director owned 16,215 shares in the company, valued at $1,253,581.65. The trade was a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Independent Bank

Hedge funds and other institutional investors have recently modified their holdings of the company. Salomon & Ludwin LLC increased its holdings in shares of Independent Bank by 167.2% during the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after acquiring an additional 224 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of Independent Bank in the third quarter valued at $32,000. EverSource Wealth Advisors LLC lifted its stake in shares of Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after buying an additional 385 shares in the last quarter. Danske Bank A S bought a new position in shares of Independent Bank in the third quarter valued at $42,000. Finally, First Horizon Corp lifted its stake in shares of Independent Bank by 47.8% in the fourth quarter. First Horizon Corp now owns 659 shares of the bank’s stock valued at $48,000 after buying an additional 213 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Trading Up 1.5%

Shares of INDB stock opened at $80.61 on Wednesday. Independent Bank has a fifty-two week low of $57.01 and a fifty-two week high of $87.00. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a 50 day simple moving average of $78.19 and a two-hundred day simple moving average of $77.52. The company has a market cap of $3.90 billion, a P/E ratio of 15.99 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last issued its quarterly 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 19.14% and a return on equity of 8.66%. The business had revenue of $252.72 million during the quarter, compared to analyst estimates of $251.45 million. During the same period last year, the firm posted $1.06 earnings per share. Research analysts forecast that Independent Bank will post 7.33 earnings per share for the current year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were issued a dividend of $0.64 per share. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Monday, March 30th. Independent Bank’s dividend payout ratio is presently 50.79%.

About Independent Bank

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.