Independent Bank (NASDAQ:INDB) Price Target Lowered to $94.00 at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB) had its price objective decreased by Keefe, Bruyette & Woods from $96.00 to $94.00 in a report released on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the bank’s stock.

Several other analysts have also weighed in on the company. Piper Sandler initiated coverage on Independent Bank in a research note on Monday, March 16th. They issued a “neutral” rating and a $84.00 price objective on the stock. Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 27th. Raymond James Financial reiterated a “strong-buy” rating and issued a $97.00 target price on shares of Independent Bank in a research report on Friday. Barclays increased their target price on Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research report on Tuesday, April 7th. Finally, Stephens initiated coverage on Independent Bank in a research report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.50.

Independent Bank Stock Performance

NASDAQ:INDB opened at $79.23 on Monday. The stock’s 50-day simple moving average is $78.42 and its 200 day simple moving average is $75.17. The firm has a market capitalization of $3.85 billion, a PE ratio of 15.72 and a beta of 0.79. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.13. Independent Bank has a twelve month low of $52.15 and a twelve month high of $87.00.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.02). The business had revenue of $252.72 million during the quarter, compared to analyst estimates of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same period last year, the business earned $1.06 earnings per share. On average, analysts anticipate that Independent Bank will post 7.33 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 30th were given a $0.64 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 annualized dividend and a yield of 3.2%. The ex-dividend date was Monday, March 30th. Independent Bank’s dividend payout ratio is 50.79%.

Insider Activity

In other Independent Bank news, Director Donna L. Abelli sold 524 shares of the 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 transaction, the director directly owned 13,247 shares in the company, valued at approximately $1,125,995. This trade represents a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John J. Morrissey sold 1,988 shares of the firm’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $85.70, for a total value of $170,371.60. Following the transaction, the director owned 12,747 shares of the company’s stock, valued at $1,092,417.90. This trade represents a 13.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Independent Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Independent Bank by 14.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock valued at $411,134,000 after purchasing an additional 769,086 shares during the period. Dimensional Fund Advisors LP increased its position in Independent Bank by 10.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,606,415 shares of the bank’s stock valued at $180,286,000 after purchasing an additional 250,651 shares during the period. Alliancebernstein L.P. increased its position in Independent Bank by 57.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock valued at $107,102,000 after purchasing an additional 624,833 shares during the period. Rockland Trust Co. increased its position in Independent Bank by 84.1% during the 4th quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock valued at $92,199,000 after purchasing an additional 576,183 shares during the period. Finally, Geode Capital Management LLC increased its position in Independent Bank by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock valued at $90,082,000 after purchasing an additional 20,278 shares during the period. 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.