Piper Sandler Forecasts Strong Price Appreciation for Independent Bank (NASDAQ:INDB) Stock

Independent Bank (NASDAQ:INDB) had its price target raised by research analysts at Piper Sandler from $84.00 to $90.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. Piper Sandler’s price objective would indicate a potential upside of 5.18% from the stock’s previous close.

Several other research firms have also weighed in on INDB. Raymond James Financial restated a “strong-buy” rating and set a $97.00 price target on shares of Independent Bank in a report on Friday, April 17th. Independent Research set a $95.00 price objective on shares of Independent Bank in a research note on Friday, May 15th. Keefe, Bruyette & Woods cut their price objective on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a research report on Monday, April 20th. Hovde Group started coverage on shares of Independent Bank in a research note on Friday, May 15th. They issued an “outperform” rating and a $95.00 target price on the stock. Finally, Stephens began coverage on shares of Independent Bank in a report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Independent Bank presently has an average rating of “Moderate Buy” and a consensus target price of $91.57.

Independent Bank Trading Up 0.5%

NASDAQ INDB traded up $0.46 during trading hours on Friday, hitting $85.57. 22,723 shares of the company were exchanged, compared to its average volume of 341,359. The stock has a 50-day moving average price of $79.22 and a 200 day moving average price of $78.37. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22. Independent Bank has a 52 week low of $61.19 and a 52 week high of $87.00. The stock has a market cap of $4.14 billion, a PE ratio of 16.99 and a beta of 0.77.

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

Insiders Place Their Bets

In other news, Director Joseph C. Lerner sold 2,832 shares of Independent Bank stock in a transaction on Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the sale, the director directly owned 16,215 shares in the company, valued at approximately $1,253,581.65. This trade represents a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in INDB. Vanguard Group Inc. increased its stake in Independent Bank by 14.9% in 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 grew its stake in Independent Bank by 10.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,606,415 shares of the bank’s stock worth $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 worth $107,102,000 after acquiring an additional 624,833 shares during the period. 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 worth $92,199,000 after acquiring an additional 576,183 shares during the period. Finally, Geode Capital Management LLC raised its stake 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. 83.40% of the stock is currently owned by institutional investors.

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.