Analysts Set Independent Bank Corp. (NASDAQ:INDB) Price Target at $81.75

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned a consensus recommendation of “Hold” from the five research firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $81.75.

INDB has been the topic of several analyst reports. Independent Research set a $80.00 price target on shares of Independent Bank in a research note on Wednesday, December 17th. Piper Sandler started coverage on shares of Independent Bank in a research report on Monday, March 16th. They issued a “neutral” rating and a $84.00 price objective for the company. Weiss Ratings raised shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Finally, Barclays lowered shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 target price on the stock. in a research report on Monday, February 2nd.

Insiders Place Their Bets

In related news, Director John J. Morrissey sold 1,988 shares of the stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $85.70, for a total transaction of $170,371.60. Following the transaction, the director directly owned 12,747 shares in the company, valued at approximately $1,092,417.90. This represents a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Donna L. Abelli sold 524 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total value of $44,540.00. Following the completion of the sale, the director directly owned 13,247 shares in the company, valued at approximately $1,125,995. The trade was a 3.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Salomon & Ludwin LLC boosted its position in shares of Independent Bank by 167.2% in 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. First Horizon Corp acquired a new position in Independent Bank during the third quarter worth approximately $31,000. Advisory Services Network LLC acquired a new position in Independent Bank during the third quarter worth approximately $32,000. EverSource Wealth Advisors LLC raised its stake in Independent Bank by 233.3% during the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after purchasing an additional 385 shares during the period. Finally, Cullen Frost Bankers Inc. purchased a new position in Independent Bank during the third quarter worth approximately $37,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Performance

NASDAQ INDB opened at $73.73 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a fifty-two week low of $52.15 and a fifty-two week high of $87.00. The business has a fifty day moving average of $79.35 and a 200-day moving average of $74.28. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 16.57 and a beta of 0.79.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.05. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%.The business had revenue of $253.93 million for the quarter, compared to analyst estimates of $249.64 million. As a group, analysts predict that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 30th will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 3.5%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, March 30th. Independent Bank’s payout ratio is 53.03%.

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.