Insider Selling: Independent Bank (NASDAQ:INDB) Director Sells 5,307 Shares of Stock

Independent Bank Corp. (NASDAQ:INDB) Director Gerard Nadeau sold 5,307 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the transaction, the director owned 16,907 shares of the company’s stock, valued at approximately $1,431,853.83. This trade represents a 23.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Independent Bank Stock Down 0.0%

Shares of Independent Bank stock traded down $0.03 during trading on Wednesday, reaching $85.72. The stock had a trading volume of 207,953 shares, compared to its average volume of 359,425. The company has a market capitalization of $4.14 billion, a price-to-earnings ratio of 15.47 and a beta of 0.78. The stock has a fifty day moving average price of $82.89 and a two-hundred day moving average price of $80.18. Independent Bank Corp. has a 52 week low of $62.73 and a 52 week high of $87.50. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.14.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.The firm had revenue of $253.32 million for the quarter, compared to the consensus estimate of $257.50 million. Sell-side analysts predict that Independent Bank Corp. will post 7.11 EPS for the current fiscal 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 paid a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank’s dividend payout ratio (DPR) is currently 46.21%.

Institutional Investors Weigh In On Independent Bank

Several hedge funds have recently bought and sold shares of the company. Alliancebernstein L.P. grew its position in shares of Independent Bank by 57.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after purchasing an additional 624,833 shares in the last quarter. Geode Capital Management LLC raised its stake in Independent Bank by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock worth $90,082,000 after acquiring an additional 20,278 shares in the last quarter. Deprince Race & Zollo Inc. lifted its holdings in shares of Independent Bank by 1.3% in the fourth quarter. Deprince Race & Zollo Inc. now owns 1,046,475 shares of the bank’s stock worth $76,476,000 after acquiring an additional 13,935 shares during the last quarter. Verition Fund Management LLC lifted its holdings in shares of Independent Bank by 17.6% in the third quarter. Verition Fund Management LLC now owns 946,006 shares of the bank’s stock worth $65,435,000 after acquiring an additional 141,888 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Independent Bank by 17.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 810,155 shares of the bank’s stock valued at $59,206,000 after purchasing an additional 120,362 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on INDB shares. Keefe, Bruyette & Woods cut their price objective on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research report on Monday, July 20th. Stephens assumed coverage on shares of Independent Bank in a research report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price for the company. Independent Research set a $95.00 price target on shares of Independent Bank in a research note on Friday, May 15th. Piper Sandler boosted their price target on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $97.00 price objective on shares of Independent Bank in a research note on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $91.86.

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.