Analysts Set Independent Bank Corp. (NASDAQ:INDB) PT at $76.50

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned an average rating of “Hold” from the five research firms that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $76.50.

A number of equities analysts have weighed in on the company. Independent Research set a $80.00 price objective on Independent Bank in a research note on Wednesday, December 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a report on Thursday, January 22nd. Finally, Barclays downgraded Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target for the company. in a report on Monday, February 2nd.

Independent Bank Stock Down 0.2%

Independent Bank stock opened at $79.31 on Monday. 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 fifty-two week low of $52.15 and a fifty-two week high of $87.00. The business’s 50-day simple moving average is $79.18 and its two-hundred day simple moving average is $73.64. The company has a market cap of $3.89 billion, a PE ratio of 17.82 and a beta of 0.79.

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

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th were given a $0.59 dividend. The ex-dividend date was Monday, December 29th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.0%. Independent Bank’s dividend payout ratio is 53.03%.

Insider Activity at Independent Bank

In related news, Director Donna L. Abelli sold 524 shares of the company’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 transaction, the director owned 13,247 shares of the company’s stock, valued at approximately $1,125,995. This represents a 3.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John J. Morrissey sold 1,988 shares of the 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 transaction, the director owned 12,747 shares in the company, valued at $1,092,417.90. This represents a 13.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 2,917 shares of company stock worth $244,853 in the last 90 days. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Independent Bank

A number of institutional investors have recently made changes to their positions in the company. Salomon & Ludwin LLC raised its stake in Independent Bank by 167.2% in the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after purchasing an additional 224 shares during the last quarter. First Horizon Corp purchased a new stake in shares of Independent Bank during the third quarter worth $31,000. Advisory Services Network LLC acquired a new stake in shares of Independent Bank in the third quarter valued at about $32,000. EverSource Wealth Advisors LLC raised its position in shares of Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after buying an additional 385 shares during the last quarter. Finally, Cullen Frost Bankers Inc. purchased a new position in shares of Independent Bank in the third quarter worth about $37,000. 83.40% of the stock is owned by institutional investors and hedge funds.

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.