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

Shares of Independent Bank Corp. (NASDAQ:INDB) have been given an average rating of “Moderate Buy” by the eight brokerages that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $91.5714.

Several equities analysts have commented on INDB shares. Independent Research set a $95.00 target price on shares of Independent Bank in a research report on Friday, May 15th. Piper Sandler increased their price target on Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods dropped their price target on Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a report on Monday, April 20th. Weiss Ratings raised Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 8th. Finally, Stephens assumed coverage on Independent Bank in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price objective for the company.

Independent Bank Price Performance

Shares of INDB stock remained flat at $84.18 on Friday. 281,467 shares of the stock traded hands, compared to its average volume of 403,529. 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 company’s 50-day moving average is $79.91 and its 200 day moving average is $78.71. Independent Bank has a 52 week low of $61.55 and a 52 week high of $87.00. The company has a market cap of $4.07 billion, a PE ratio of 16.70 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share 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 for the quarter, compared to analysts’ expectations of $251.45 million. During the same quarter last year, the firm posted $1.06 earnings per share. As a group, research analysts expect that Independent Bank will post 7.28 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Monday, June 29th will be given a $0.64 dividend. The ex-dividend date of this dividend is Monday, June 29th. This represents a $2.56 annualized dividend and a yield of 3.0%. Independent Bank’s payout ratio is currently 50.79%.

Insider Buying and Selling at Independent Bank

In other news, Director Joseph C. Lerner sold 2,832 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the sale, the director owned 16,215 shares in the company, valued at $1,253,581.65. This trade represents a 14.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of Independent Bank

Several hedge funds have recently made changes to their positions in INDB. Salomon & Ludwin LLC grew its stake in shares of Independent Bank by 167.2% during the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after acquiring an additional 224 shares during the period. Ballast Advisors LLC bought a new stake in Independent Bank during the 1st quarter valued at $30,000. Advisory Services Network LLC purchased a new stake in shares of Independent Bank during the third quarter worth $32,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after acquiring an additional 385 shares during the period. Finally, Danske Bank A S purchased a new position in shares of Independent Bank in the third quarter valued at $42,000. 83.40% of the stock is currently owned by institutional investors.

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.