Independent Bank (NASDAQ:INDB) Upgraded by Hovde Group to Strong-Buy Rating

Independent Bank (NASDAQ:INDB) was upgraded by equities researchers at Hovde Group to a “strong-buy” rating in a research note issued to investors on Friday,Zacks.com reports.

A number of other research firms also recently issued reports on INDB. Stephens initiated coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price target for the company. Weiss Ratings raised shares of Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. Raymond James Financial reissued a “strong-buy” rating and issued a $97.00 price target on shares of Independent Bank in a research note on Friday, April 17th. Piper Sandler initiated coverage on shares of Independent Bank in a research note on Monday, March 16th. They issued a “neutral” rating and a $84.00 price target for the company. Finally, Barclays raised their target price 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. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $90.71.

Independent Bank Price Performance

INDB stock opened at $76.04 on Friday. Independent Bank has a 1 year low of $57.01 and a 1 year high of $87.00. The company has a market cap of $3.67 billion, a P/E ratio of 15.09 and a beta of 0.78. The firm has a 50-day moving average of $77.00 and a 200 day moving average of $76.23. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The company had revenue of $252.72 million during the quarter, compared to the consensus estimate of $251.45 million. During the same period in the previous year, the company earned $1.06 earnings per share. On average, sell-side analysts forecast that Independent Bank will post 7.33 EPS for the current year.

Hedge Funds Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Independent Bank by 14.9% during the third quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock valued at $411,134,000 after purchasing an additional 769,086 shares in the last quarter. Dimensional Fund Advisors LP increased its position 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 in the last quarter. Alliancebernstein L.P. increased its position in shares of Independent Bank by 57.9% during the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock valued at $107,102,000 after acquiring an additional 624,833 shares in the last quarter. Rockland Trust Co. increased its position in shares of Independent Bank by 84.1% during the fourth quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock valued at $92,199,000 after acquiring an additional 576,183 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Independent Bank by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock valued at $90,082,000 after acquiring an additional 20,278 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

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.