Independent Bank Corp. (NASDAQ:INDB) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned a consensus rating of “Moderate Buy” from the seven analysts that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, three have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have covered the stock in the last year is $87.50.

A number of analysts have recently issued reports on INDB shares. Stephens started coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price objective on the stock. Weiss Ratings upgraded shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 27th. Barclays lifted their price objective on shares of 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 started coverage on shares of Independent Bank in a research note on Monday, March 16th. They set a “neutral” rating and a $84.00 price objective on the stock. Finally, Raymond James Financial reiterated a “strong-buy” rating and set a $97.00 price objective on shares of Independent Bank in a research note on Friday.

Insider Buying and Selling

In other news, Director John J. Morrissey sold 1,988 shares of Independent Bank stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $85.70, for a total transaction of $170,371.60. Following the sale, the director owned 12,747 shares in the company, valued at $1,092,417.90. This trade represents a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Donna L. Abelli sold 524 shares of Independent Bank stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total transaction of $44,540.00. Following the sale, the director owned 13,247 shares in the company, valued at $1,125,995. This represents a 3.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Independent Bank

Hedge funds have recently made changes to their positions in the stock. Cibc World Market Inc. acquired a new stake in shares of Independent Bank during the third quarter worth approximately $6,506,000. HighTower Advisors LLC grew its position in shares of 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 buying an additional 16,581 shares in the last quarter. Spinnaker Trust acquired a new stake in shares of Independent Bank during the third quarter worth approximately $1,856,000. Rockland Trust Co. grew its position in shares of 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 buying an additional 576,183 shares in the last quarter. Finally, White Pine Capital LLC acquired a new stake in shares of Independent Bank during the third quarter worth approximately $1,792,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Trading Up 1.6%

NASDAQ INDB opened at $79.23 on Tuesday. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of 15.72 and a beta of 0.79. The company’s 50 day moving average price is $78.42 and its 200 day moving average price is $75.17. Independent Bank has a one year low of $52.15 and a one year high of $87.00. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 0.93.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). The firm had revenue of $252.72 million for the quarter, compared to analysts’ expectations of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same quarter in the prior year, the business earned $1.06 EPS. On average, sell-side analysts predict that Independent Bank will post 7.33 EPS 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 paid a dividend of $0.64 per share. This is an increase from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Monday, March 30th. Independent Bank’s payout ratio is 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.