Independent Bank (NASDAQ:INDB) Stock Passes Above 200-Day Moving Average – Should You Sell?

Independent Bank Corp. (NASDAQ:INDB) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $76.23 and traded as high as $77.57. Independent Bank shares last traded at $76.92, with a volume of 278,930 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on INDB shares. Raymond James Financial reaffirmed a “strong-buy” rating and set a $97.00 price target on shares of Independent Bank in a research note on Friday, April 17th. Piper Sandler initiated coverage on shares of Independent Bank in a research report on Monday, March 16th. They set a “neutral” rating and a $84.00 target price for the company. Stephens assumed coverage on Independent Bank in a report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price target for the company. Weiss Ratings raised Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 8th. Finally, Keefe, Bruyette & Woods dropped their target price on Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Independent Bank presently has an average rating of “Moderate Buy” and a consensus price target of $87.50.

Independent Bank Price Performance

The stock has a 50 day moving average of $77.06 and a two-hundred day moving average of $76.23. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market cap of $3.72 billion, a PE ratio of 15.26 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, April 16th. The bank reported $1.68 EPS for the quarter, missing the consensus estimate of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The firm had revenue of $252.72 million during the quarter, compared to analyst estimates of $251.45 million. During the same quarter in the previous year, the business earned $1.06 earnings per share. Equities analysts anticipate that Independent Bank Corp. will post 7.33 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were issued a $0.64 dividend. The ex-dividend date was Monday, March 30th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.3%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. Independent Bank’s dividend payout ratio is currently 50.79%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of INDB. Harbor Capital Advisors Inc. boosted its holdings in Independent Bank by 1.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank’s stock worth $930,000 after purchasing an additional 134 shares in the last quarter. Xponance LLC raised its holdings in Independent Bank by 3.6% during the fourth quarter. Xponance LLC now owns 3,981 shares of the bank’s stock valued at $291,000 after buying an additional 140 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Independent Bank by 26.1% in 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 during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of Independent Bank by 2.0% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank’s stock worth $607,000 after buying an additional 161 shares during the last quarter. Finally, Profund Advisors LLC boosted its stake in shares of Independent Bank by 5.0% during the 3rd quarter. Profund Advisors LLC now owns 3,732 shares of the bank’s stock worth $258,000 after acquiring an additional 177 shares in 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.