Independent Bank Corp. (NASDAQ:INDB) Receives $87.50 Consensus PT from Brokerages

Independent Bank Corp. (NASDAQ:INDB) has earned an average recommendation of “Moderate Buy” from the seven ratings firms that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $87.50.

INDB has been the topic of a number of research analyst reports. Stephens initiated coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price objective on the stock. Barclays increased their price objective on shares of Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research note on Tuesday, April 7th. Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a research note on Monday. Weiss Ratings upgraded shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 27th. Finally, Piper Sandler initiated coverage on shares of Independent Bank in a research note on Monday, March 16th. They set a “neutral” rating and a $84.00 price objective on the stock.

Insiders Place Their Bets

In other news, Director John J. Morrissey sold 1,988 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $85.70, for a total value 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 trade represents a 13.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 transaction of $44,540.00. Following the completion of the transaction, the director 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. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of INDB. Royal Bank of Canada lifted its position in shares of Independent Bank by 10.6% in the 1st quarter. Royal Bank of Canada now owns 12,451 shares of the bank’s stock worth $779,000 after buying an additional 1,189 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Independent Bank by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank’s stock worth $1,583,000 after buying an additional 1,112 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Independent Bank by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock worth $37,584,000 after buying an additional 11,714 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Independent Bank by 8.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank’s stock worth $6,623,000 after buying an additional 8,435 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in shares of Independent Bank by 1,222.7% in the 1st quarter. Jane Street Group LLC now owns 74,057 shares of the bank’s stock worth $4,640,000 after buying an additional 68,458 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

INDB opened at $78.24 on Tuesday. Independent Bank has a twelve month low of $56.65 and a twelve month high of $87.00. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of 15.52 and a beta of 0.79. The company has a fifty day simple moving average of $78.07 and a 200 day simple moving average of $75.27.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. The company had revenue of $252.72 million for the quarter, compared to the consensus estimate of $251.45 million. During the same quarter last year, the company earned $1.06 earnings per share. Equities research analysts expect that Independent Bank will post 7.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 30th were paid a dividend of $0.64 per share. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, March 30th. This represents a $2.56 dividend on an annualized basis and a yield of 3.3%. Independent Bank’s payout ratio is currently 50.79%.

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.