Independent Bank (NASDAQ:INDB) Sets New 1-Year High – Here’s Why

Independent Bank Corp. (NASDAQ:INDB)’s stock price 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.

Analyst Upgrades and Downgrades

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

Independent Bank Trading Up 1.6%

The company has a market cap of $4.07 billion, a price-to-earnings ratio of 18.45 and a beta of 0.80. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The business’s 50-day simple moving average is $75.89 and its 200-day simple moving average is $71.09.

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

Independent Bank Dividend Announcement

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

Insider Activity at Independent Bank

In related news, Director Gerard F. Nadeau sold 3,000 shares of Independent Bank stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $70.00, for a total transaction of $210,000.00. Following the completion of the sale, the director owned 22,395 shares in the company, valued at approximately $1,567,650. This trade represents a 11.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas R. Venables sold 405 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $73.93, for a total transaction of $29,941.65. Following the completion of the transaction, the director owned 20,557 shares in the company, valued at approximately $1,519,779.01. This trade represents a 1.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 200,405 shares of company stock valued at $13,971,482 over the last quarter. Insiders own 0.81% of the company’s stock.

Institutional Trading of Independent Bank

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Independent Bank by 14.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock worth $411,134,000 after purchasing an additional 769,086 shares during the period. Dimensional Fund Advisors LP increased its stake in Independent Bank by 10.6% in the third quarter. Dimensional Fund Advisors LP now owns 2,606,415 shares of the bank’s stock valued at $180,286,000 after purchasing an additional 250,651 shares during the last quarter. Alliancebernstein L.P. lifted its position in Independent Bank by 57.9% during the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after buying an additional 624,833 shares during the period. Rockland Trust Co. boosted its stake in Independent Bank by 84.1% in the 4th 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 during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Independent Bank by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,049,086 shares of the bank’s stock valued at $65,980,000 after buying an additional 6,889 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

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.