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

Investment analysts at Piper Sandler began coverage on shares of Independent Bank (NASDAQ:INDB) in a research report issued to clients and investors on Monday. The firm set a “neutral” rating and a $84.00 price target on the bank’s stock. Piper Sandler’s price objective points to a potential upside of 11.62% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Barclays downgraded 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. Finally, Independent Research set a $80.00 price target on shares of Independent Bank in a research report on Wednesday, December 17th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Independent Bank presently has a consensus rating of “Hold” and a consensus target price of $81.75.

Independent Bank Stock Performance

Shares of NASDAQ INDB traded up $0.52 during trading hours on Monday, hitting $75.26. 16,971 shares of the stock were exchanged, compared to its average volume of 321,950. Independent Bank has a one year low of $52.15 and a one year high of $87.00. The company’s 50 day moving average is $79.47 and its 200 day moving average is $74.03. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market capitalization of $3.69 billion, a P/E ratio of 16.91 and a beta of 0.79.

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

Insider Transactions at Independent Bank

In related news, Director Donna L. Abelli sold 524 shares of the stock in a transaction dated Wednesday, February 4th. The shares were 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 $1,125,995. This represents a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 transaction of $170,371.60. Following the transaction, the director owned 12,747 shares of the company’s stock, valued at approximately $1,092,417.90. This represents a 13.49% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Independent Bank

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Independent Bank by 14.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock worth $411,134,000 after buying an additional 769,086 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Independent Bank by 10.6% during the third quarter. Dimensional Fund Advisors LP now owns 2,606,415 shares of the bank’s stock valued at $180,286,000 after acquiring an additional 250,651 shares during the period. Alliancebernstein L.P. boosted its stake in shares of Independent Bank by 57.9% in 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 in the last quarter. Rockland Trust Co. boosted its stake in shares of Independent Bank by 84.1% in 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 in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Independent Bank by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock worth $90,082,000 after purchasing an additional 20,278 shares during the last quarter. 83.40% of the stock is 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.