Analysts Set Independent Bank Corp. (NASDAQ:INDB) Price Target at $76.00

Independent Bank Corp. (NASDAQ:INDB) has earned an average rating of “Moderate Buy” from the six brokerages that are covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $76.80.

Several research analysts have issued reports on INDB shares. Independent Research set a $80.00 target price on shares of Independent Bank in a report on Wednesday. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $80.00 to $83.00 in a research report on Tuesday, October 21st. Finally, Barclays started coverage on Independent Bank in a research note on Wednesday. They set an “equal weight” rating and a $80.00 target price on the stock.

Insider Activity

In other news, Director Ken S. Ansin sold 53,000 shares of Independent Bank stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $69.06, for a total value of $3,660,180.00. Following the completion of the sale, the director directly owned 53,738 shares in the company, valued at $3,711,146.28. The trade was a 49.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gerard F. Nadeau sold 3,000 shares of the stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $70.00, for a total transaction of $210,000.00. Following the transaction, the director owned 22,395 shares in the company, valued at approximately $1,567,650. This trade represents a 11.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 200,405 shares of company stock valued at $13,971,482 in the last 90 days. 0.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. CIBC Bancorp USA Inc. purchased a new stake in shares of Independent Bank during the 3rd quarter valued at about $360,000. Captrust Financial Advisors increased its holdings in Independent Bank by 97.7% during the third quarter. Captrust Financial Advisors now owns 34,977 shares of the bank’s stock valued at $2,419,000 after buying an additional 17,286 shares during the last quarter. Danske Bank A S bought a new position in Independent Bank in the third quarter worth approximately $42,000. Advisory Services Network LLC bought a new position in Independent Bank in the third quarter worth approximately $32,000. Finally, CANADA LIFE ASSURANCE Co boosted its stake in shares of Independent Bank by 19.7% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 45,653 shares of the bank’s stock worth $3,170,000 after acquiring an additional 7,511 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

INDB stock opened at $77.40 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a 50 day moving average price of $70.84 and a 200-day moving average price of $68.33. Independent Bank has a 52-week low of $52.15 and a 52-week high of $78.16. The firm has a market capitalization of $3.84 billion, a price-to-earnings ratio of 18.83 and a beta of 0.81.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Wednesday, February 12th. The bank reported $1.01 earnings per share (EPS) for the quarter. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%.The business had revenue of $175.25 million during the quarter. Equities research analysts forecast that Independent Bank will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th will be given a $0.59 dividend. The ex-dividend date of this dividend is Monday, December 29th. This represents a $2.36 dividend on an annualized basis and a yield of 3.0%. Independent Bank’s payout ratio is 57.42%.

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.