Independent Bank (NASDAQ:INDB) Sets New 12-Month High – What’s Next?

Independent Bank Corp. (NASDAQ:INDB) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $82.69 and last traded at $82.09, with a volume of 359819 shares. The stock had previously closed at $80.78.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Barclays downgraded shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target on the stock. in a research note on Monday. Independent Research set a $80.00 target price on Independent Bank in a research report on Wednesday, December 17th. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $80.00 to $83.00 in a research report on Tuesday, October 21st. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $76.50.

Independent Bank Trading Up 1.6%

The stock has a market capitalization of $4.07 billion, a PE ratio of 18.45 and a beta of 0.80. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The business’s 50-day moving average is $75.89 and its two-hundred day moving average is $71.09.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.05. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%.The company had revenue of $253.93 million for the quarter, compared to analysts’ expectations of $249.64 million. On average, analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th were given a $0.59 dividend. The ex-dividend date of this dividend was Monday, December 29th. This represents a $2.36 annualized dividend and a yield of 2.9%. Independent Bank’s dividend payout ratio (DPR) is 53.03%.

Insider Transactions at Independent Bank

In other news, Director Thomas R. Venables sold 405 shares of the company’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $73.93, for a total value of $29,941.65. Following the completion of the transaction, the director directly owned 20,557 shares in the company, valued at approximately $1,519,779.01. This represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ken S. Ansin sold 144,000 shares of the firm’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $69.94, for a total transaction of $10,071,360.00. Following the sale, the director directly owned 288,481 shares of the company’s stock, valued at approximately $20,176,361.14. The trade was a 33.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 200,405 shares of company stock valued at $13,971,482. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sachetta LLC grew its stake in Independent Bank by 555.1% during the 4th quarter. Sachetta LLC now owns 8,045 shares of the bank’s stock valued at $588,000 after purchasing an additional 6,817 shares in the last quarter. Strs Ohio grew its position in shares of Independent Bank by 37.5% during the fourth quarter. Strs Ohio now owns 2,200 shares of the bank’s stock worth $161,000 after buying an additional 600 shares in the last quarter. New York State Teachers Retirement System increased its stake in shares of Independent Bank by 0.8% in the fourth quarter. New York State Teachers Retirement System now owns 37,459 shares of the bank’s stock worth $2,738,000 after buying an additional 300 shares during the last quarter. State of New Jersey Common Pension Fund D raised its holdings in Independent Bank by 2.0% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 32,395 shares of the bank’s stock valued at $2,367,000 after acquiring an additional 629 shares in the last quarter. Finally, Vest Financial LLC boosted its stake in Independent Bank by 11.4% during the 4th quarter. Vest Financial LLC now owns 23,232 shares of the bank’s stock valued at $1,698,000 after acquiring an additional 2,373 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

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.