Independent Bank (NASDAQ:INDB) Posts Quarterly Earnings Results, Misses Expectations By $0.09 EPS

Independent Bank (NASDAQ:INDB) released its quarterly earnings data on Thursday. The bank reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.79 by ($0.09), FiscalAI reports. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. The firm had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million.

Independent Bank Stock Up 2.3%

INDB opened at $87.17 on Friday. The firm has a market capitalization of $4.21 billion, a P/E ratio of 17.30 and a beta of 0.77. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The company has a fifty day moving average price of $81.03 and a 200-day moving average price of $79.21. Independent Bank has a one year low of $61.55 and a one year high of $87.50.

Independent Bank Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank’s dividend payout ratio is 50.79%.

Insider Activity at Independent Bank

In related 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 value of $218,941.92. Following the sale, the director directly owned 16,215 shares of the company’s stock, 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 document filed with the SEC, which is available through the SEC website. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in shares of Independent Bank by 10.6% during the 1st quarter. Royal Bank of Canada now owns 12,451 shares of the bank’s stock valued at $779,000 after buying an additional 1,189 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Independent Bank by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank’s stock valued at $1,583,000 after acquiring an additional 1,112 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Independent Bank by 2.0% during the first quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock valued at $37,584,000 after acquiring an additional 11,714 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Independent Bank by 8.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank’s stock worth $6,623,000 after acquiring an additional 8,435 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Independent Bank by 1,222.7% in the 1st quarter. Jane Street Group LLC now owns 74,057 shares of the bank’s stock worth $4,640,000 after acquiring an additional 68,458 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on INDB. Stephens started coverage on shares of Independent Bank in a report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price target on the stock. Barclays increased their target price on shares of Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research report on Tuesday, April 7th. Piper Sandler raised their price target on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a report 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. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.57.

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.