Independent Bank (NASDAQ:INDB) Price Target Raised to $82.00 at Barclays

Independent Bank (NASDAQ:INDB) had its price objective upped by Barclays from $80.00 to $82.00 in a research note issued to investors on Tuesday morning,Benzinga reports. Barclays currently has an underweight rating on the bank’s stock.

A number of other equities research analysts have also weighed in on INDB. Independent Research set a $80.00 price objective on Independent Bank in a research note on Wednesday, December 17th. Piper Sandler began coverage on Independent Bank in a research note on Monday, March 16th. They set a “neutral” rating and a $84.00 price objective for the company. Finally, Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $82.25.

Independent Bank Price Performance

INDB stock opened at $78.00 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank has a 1 year low of $52.15 and a 1 year high of $87.00. The firm has a market cap of $3.79 billion, a P/E ratio of 17.53 and a beta of 0.79. The stock has a 50-day simple moving average of $79.08 and a 200-day simple moving average of $74.55.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, January 22nd. The bank reported $1.70 earnings per share (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 during the quarter, compared to analyst estimates of $249.64 million. On average, equities analysts predict that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 30th will be given a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, March 30th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. Independent Bank’s payout ratio is 57.53%.

Insider Activity at Independent Bank

In other news, Director John J. Morrissey sold 1,988 shares of Independent Bank stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $85.70, for a total value of $170,371.60. Following the completion of the transaction, the director owned 12,747 shares in the company, valued at approximately $1,092,417.90. This trade represents a 13.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donna L. Abelli sold 524 shares of Independent Bank stock in a transaction that occurred on 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 transaction, the director owned 13,247 shares of the company’s stock, valued at approximately $1,125,995. The trade was a 3.81% decrease in their position. The SEC filing for this sale provides additional information. 0.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Rockefeller Capital Management L.P. grew its position in shares of Independent Bank by 76.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 836 shares of the bank’s stock worth $61,000 after acquiring an additional 362 shares in the last quarter. SHP Wealth Management bought a new stake in shares of Independent Bank in the 4th quarter worth approximately $174,000. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Independent Bank by 6.4% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,265 shares of the bank’s stock worth $969,000 after purchasing an additional 795 shares during the last quarter. EP Wealth Advisors LLC bought a new stake in shares of Independent Bank in the 4th quarter worth approximately $472,000. Finally, XTX Topco Ltd bought a new stake in shares of Independent Bank in the 4th quarter worth approximately $495,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

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.