Independent Bank Corp. (NASDAQ:INDB) Receives Average Rating of “Moderate Buy” from Analysts

Independent Bank Corp. (NASDAQ:INDB) has been given an average recommendation of “Moderate Buy” by the seven brokerages that are presently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, four have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $91.8571.

Several research firms have recently weighed in on INDB. Independent Research set a $95.00 price objective on Independent Bank in a research note on Friday, May 15th. Piper Sandler raised their target price on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods decreased their price target on Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research note on Monday, July 20th. Hovde Group started coverage on Independent Bank in a research report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price target on the stock. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th.

Independent Bank Stock Performance

Shares of NASDAQ INDB traded up $0.18 during trading hours on Monday, reaching $83.91. The stock had a trading volume of 16,483 shares, compared to its average volume of 350,897. The business’s fifty day moving average is $84.20 and its two-hundred day moving average is $80.72. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market cap of $3.97 billion, a price-to-earnings ratio of 15.18 and a beta of 0.78. Independent Bank has a twelve month low of $63.33 and a twelve month high of $87.50.

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

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank’s dividend payout ratio (DPR) is currently 46.21%.

Insider Buying and Selling

In other Independent Bank news, Director Gerard F. Nadeau sold 5,307 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the transaction, the director directly owned 16,907 shares in the company, valued at $1,431,853.83. The trade was a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of INDB. California State Teachers Retirement System boosted its holdings in shares of Independent Bank by 8,030.5% in the 2nd quarter. California State Teachers Retirement System now owns 4,602,926 shares of the bank’s stock worth $385,357,000 after acquiring an additional 4,546,313 shares in the last quarter. HB Wealth Management LLC acquired a new stake in Independent Bank during the 2nd quarter valued at $223,000. William John Sempolinski acquired a new stake in Independent Bank during the 2nd quarter valued at $1,230,000. Nykredit A S bought a new position in Independent Bank in the 2nd quarter valued at $140,000. Finally, Teza Capital Management LLC bought a new position in Independent Bank in the 2nd quarter valued at $268,000. 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.