Independent Bank (NASDAQ:INDB) Director Thomas Venables Sells 3,750 Shares of Stock

Independent Bank Corp. (NASDAQ:INDB) Director Thomas Venables sold 3,750 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the transaction, the director directly owned 17,649 shares in the company, valued at approximately $1,464,867. The trade was a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Independent Bank Stock Performance

Shares of NASDAQ:INDB traded down $0.41 during trading on Wednesday, hitting $82.78. The stock had a trading volume of 235,476 shares, compared to its average volume of 352,099. Independent Bank Corp. has a 12-month low of $63.33 and a 12-month high of $87.50. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 14.94 and a beta of 0.78. The stock has a 50-day simple moving average of $84.25 and a two-hundred day simple moving average of $80.70.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing the consensus estimate 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 net margin of 20.31% and a return on equity of 9.19%. On average, equities research analysts expect that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on INDB shares. Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th. Piper Sandler lifted their target price on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Independent Research set a $95.00 price target on shares of Independent Bank in a research report on Friday, May 15th. Keefe, Bruyette & Woods dropped their target price on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Monday, July 20th. Finally, Hovde Group assumed coverage on shares of Independent Bank in a research note on Friday, May 15th. They issued an “outperform” rating and a $95.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Independent Bank presently has an average rating of “Moderate Buy” and an average price target of $91.86.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Independent Bank in the second quarter worth $584,333,000. California State Teachers Retirement System grew its stake in shares of Independent Bank by 8,030.5% during the second quarter. California State Teachers Retirement System now owns 4,602,926 shares of the bank’s stock worth $385,357,000 after purchasing an additional 4,546,313 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Independent Bank by 57.9% in the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock valued at $107,102,000 after buying an additional 624,833 shares during the last quarter. Geode Capital Management LLC raised its stake in Independent Bank by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock valued at $90,082,000 after buying an additional 20,278 shares in the last quarter. Finally, Verition Fund Management LLC lifted its holdings in Independent Bank by 17.6% during the 3rd quarter. Verition Fund Management LLC now owns 946,006 shares of the bank’s stock worth $65,435,000 after buying an additional 141,888 shares during the last quarter. Institutional investors and hedge funds 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.