Independent Bank Corp. (NASDAQ:INDB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Independent Bank Corp. (NASDAQ:INDB) has earned a consensus recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $90.7143.

A number of analysts have recently commented on the company. Independent Research set a $95.00 price target on Independent Bank in a research note on Friday, May 15th. Barclays lifted their price target on Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research note on Tuesday, April 7th. Piper Sandler assumed coverage on Independent Bank in a research note on Monday, March 16th. They set a “neutral” rating and a $84.00 price target on the stock. Stephens assumed coverage on Independent Bank in a research note on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price target on the stock. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $97.00 price target on shares of Independent Bank in a research note on Friday, April 17th.

Insider Activity

In other news, Director Joseph C. Lerner sold 2,832 shares of the firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the transaction, the director directly owned 16,215 shares in the company, valued at $1,253,581.65. This trade represents a 14.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Independent Bank

Hedge funds have recently made changes to their positions in the stock. Salomon & Ludwin LLC raised its position in shares of Independent Bank by 167.2% during the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after acquiring an additional 224 shares during the last quarter. Advisory Services Network LLC acquired a new position in Independent Bank in the third quarter valued at $32,000. EverSource Wealth Advisors LLC lifted its holdings in Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after buying an additional 385 shares during the period. Danske Bank A S bought a new stake in Independent Bank during the third quarter valued at $42,000. Finally, First Horizon Corp boosted its position in Independent Bank by 47.8% during the fourth quarter. First Horizon Corp now owns 659 shares of the bank’s stock valued at $48,000 after acquiring an additional 213 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Performance

Shares of INDB stock opened at $80.61 on Wednesday. The business’s 50-day moving average price is $78.19 and its 200-day moving average price is $77.52. Independent Bank has a 12 month low of $57.01 and a 12 month high of $87.00. The firm has a market capitalization of $3.90 billion, a price-to-earnings ratio of 15.99 and a beta of 0.77. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

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

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were paid a dividend of $0.64 per share. The ex-dividend date of this dividend was Monday, March 30th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank’s payout ratio is 50.79%.

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.