Independent Bank (NASDAQ:INDB) Price Target Cut to $96.00 by Analysts at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB) had its price objective cut by Keefe, Bruyette & Woods from $99.00 to $96.00 in a research report released on Monday,Benzinga reports. They currently have an outperform rating on the bank’s stock.

Several other research analysts also recently commented on the stock. Hovde Group began coverage on shares of Independent Bank in a report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price objective for the company. Barclays lifted 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. Stephens began coverage on shares of Independent Bank in a report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 target price on the stock. Piper Sandler increased their target price on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Finally, Weiss Ratings raised Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $91.86.

Independent Bank Price Performance

NASDAQ INDB opened at $84.81 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.14. The company has a market cap of $4.10 billion, a PE ratio of 15.31 and a beta of 0.77. Independent Bank has a 52 week low of $61.55 and a 52 week high of $87.50. The firm’s 50-day simple moving average is $81.32 and its two-hundred day simple moving average is $79.36.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.09). Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.The business had revenue of $253.32 million during the quarter, compared to analysts’ expectations of $257.50 million. Research analysts predict that Independent Bank will post 7.28 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were paid a dividend of $0.64 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $2.56 annualized dividend and a yield of 3.0%. Independent Bank’s payout ratio is currently 46.21%.

Insiders Place Their Bets

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $77.31, for a total value of $218,941.92. Following the sale, the director directly owned 16,215 shares in the company, valued at $1,253,581.65. This represents a 14.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Salomon & Ludwin LLC raised 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 buying an additional 224 shares in the last quarter. Ballast Advisors LLC bought a new stake in Independent Bank during the first quarter valued at $30,000. Advisory Services Network LLC purchased a new position in Independent Bank during the third quarter worth about $32,000. EverSource Wealth Advisors LLC grew its position 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 buying an additional 385 shares in the last quarter. Finally, Danske Bank A S bought a new position in Independent Bank in the 3rd quarter worth about $42,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

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.