Independent Bank (NASDAQ:INDB) Now Covered by Analysts at Piper Sandler

Piper Sandler assumed coverage on shares of Independent Bank (NASDAQ:INDB) in a research report released on Monday, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $84.00 price target on the bank’s stock.

INDB has been the subject of several other research reports. Independent Research set a $80.00 target price on shares of Independent Bank in a research note on Wednesday, December 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Finally, Barclays cut shares of 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. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $81.75.

Independent Bank Trading Up 0.1%

NASDAQ:INDB opened at $74.78 on Monday. Independent Bank has a 12-month low of $52.15 and a 12-month high of $87.00. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock’s 50 day simple moving average is $79.47 and its 200-day simple moving average is $74.05. The firm has a market cap of $3.66 billion, a P/E ratio of 16.80 and a beta of 0.79.

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

Insiders Place Their Bets

In related 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 completion of the sale, the director owned 12,747 shares in the company, valued at $1,092,417.90. This trade represents a 13.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Donna L. Abelli sold 524 shares of the business’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 sale, the director directly owned 13,247 shares in the company, valued at approximately $1,125,995. This represents a 3.81% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cibc World Market Inc. acquired a new position in Independent Bank during the third quarter worth $6,506,000. HighTower Advisors LLC grew its holdings in Independent Bank by 242.9% in the third quarter. HighTower Advisors LLC now owns 23,406 shares of the bank’s stock valued at $1,619,000 after purchasing an additional 16,581 shares during the last quarter. Spinnaker Trust acquired a new stake in Independent Bank in the third quarter valued at $1,856,000. Squarepoint Ops LLC purchased a new position in shares of Independent Bank in the second quarter valued at $1,486,000. Finally, White Pine Capital LLC purchased a new position in shares of Independent Bank in the third quarter valued at $1,792,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

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.