Gerard Nadeau Sells 5,307 Shares of Independent Bank (NASDAQ:INDB) Stock

Independent Bank Corp. (NASDAQ:INDB) Director Gerard Nadeau sold 5,307 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $84.69, for a total transaction of $449,449.83. Following the completion of the transaction, the director owned 16,907 shares of the company’s stock, valued at approximately $1,431,853.83. The trade was a 23.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Independent Bank Stock Performance

Independent Bank stock opened at $83.98 on Friday. Independent Bank Corp. has a fifty-two week low of $62.73 and a fifty-two week high of $87.50. The firm’s 50 day simple moving average is $83.13 and its 200-day simple moving average is $80.30. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.93 and a quick ratio of 0.93. The company has a market cap of $4.06 billion, a P/E ratio of 15.16 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.09). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The firm had revenue of $253.32 million during the quarter, compared to analysts’ expectations of $257.50 million. As a group, equities research analysts predict that Independent Bank Corp. will post 7.11 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were issued a dividend of $0.64 per share. The ex-dividend date was Monday, June 29th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.0%. Independent Bank’s payout ratio is currently 46.21%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Xponance LLC boosted its holdings in shares of 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 acquiring an additional 140 shares during the period. EverSource Wealth Advisors LLC grew 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 buying an additional 146 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of Independent Bank by 2.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank’s stock valued at $607,000 after purchasing an additional 161 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in Independent Bank by 0.7% in the 4th quarter. State of Alaska Department of Revenue now owns 27,006 shares of the bank’s stock valued at $1,973,000 after purchasing an additional 193 shares during the last quarter. Finally, Osaic Holdings Inc. increased its holdings in Independent Bank by 23.3% in the 2nd quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock worth $70,000 after purchasing an additional 211 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Stephens initiated coverage on Independent Bank in a research report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price objective for the company. Weiss Ratings upgraded Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. Hovde Group started coverage on shares of Independent Bank in a research note on Friday, May 15th. They issued an “outperform” rating and a $95.00 price objective for the company. Piper Sandler increased their target price on Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Finally, Independent Research set a $95.00 price target on shares of Independent Bank in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Independent Bank has a consensus rating of “Moderate Buy” and an average price target of $91.86.

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.