Independent Bank Corp. (NASDAQ:INDB) Receives $76.80 Consensus Price Target from Brokerages

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

Several research firms have recently weighed in on INDB. Independent Research set a $80.00 price objective on shares of Independent Bank in a research note on Wednesday, December 17th. Keefe, Bruyette & Woods upgraded Independent Bank from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $80.00 to $83.00 in a report on Tuesday, October 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a research report on Wednesday, October 8th. Finally, Barclays started coverage on Independent Bank in a research note on Wednesday, December 17th. They issued an “equal weight” rating and a $80.00 price objective on the stock.

Independent Bank Trading Down 1.3%

Shares of Independent Bank stock opened at $73.49 on Friday. The stock has a market cap of $3.64 billion, a P/E ratio of 17.88 and a beta of 0.79. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank has a 12-month low of $52.15 and a 12-month high of $78.17. The business’s 50 day moving average is $73.21 and its 200-day moving average is $69.83.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, October 16th. The bank reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.01. The business had revenue of $243.74 million for the quarter, compared to the consensus estimate of $242.65 million. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. Equities research analysts predict that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 29th. This represents a $2.36 annualized dividend and a yield of 3.2%. Independent Bank’s dividend payout ratio (DPR) is currently 57.42%.

Insiders Place Their Bets

In related news, Director Thomas R. Venables sold 405 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $73.93, for a total value of $29,941.65. Following the transaction, the director owned 20,557 shares in the company, valued at approximately $1,519,779.01. This represents a 1.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gerard F. Nadeau sold 3,000 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $70.00, for a total transaction of $210,000.00. Following the completion of the transaction, the director directly owned 22,395 shares in the company, valued at approximately $1,567,650. This represents a 11.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 200,405 shares of company stock valued at $13,971,482 over the last ninety days. 0.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in INDB. First Horizon Corp acquired a new stake in shares of Independent Bank in the third quarter valued at approximately $31,000. Advisory Services Network LLC acquired a new stake in Independent Bank during the third quarter worth approximately $32,000. EverSource Wealth Advisors LLC increased its stake in Independent Bank by 233.3% during the 2nd 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. Cullen Frost Bankers Inc. acquired a new position in Independent Bank in the 3rd quarter valued at $37,000. Finally, Private Trust Co. NA raised its holdings in Independent Bank by 296.8% in the 2nd quarter. Private Trust Co. NA now owns 619 shares of the bank’s stock valued at $39,000 after acquiring an additional 463 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

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.