Barclays Issues Positive Forecast for Independent Bank (NASDAQ:INDB) Stock Price

Independent Bank (NASDAQ:INDB) had its target price lifted by Barclays from $80.00 to $82.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the bank’s stock. Barclays‘s price target points to a potential upside of 5.32% from the company’s current price.

Several other equities research analysts have also recently weighed in on the stock. Independent Research set a $80.00 price objective on shares of Independent Bank in a research report on Wednesday, December 17th. Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 27th. Finally, Piper Sandler assumed coverage on Independent Bank in a research note on Monday, March 16th. They issued a “neutral” rating and a $84.00 target price for the company. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Independent Bank has a consensus rating of “Hold” and a consensus price target of $82.25.

Independent Bank Price Performance

INDB stock traded up $0.10 during midday trading on Tuesday, reaching $77.86. 91,124 shares of the company’s stock traded hands, compared to its average volume of 327,987. The company has a 50-day simple moving average of $79.11 and a two-hundred day simple moving average of $74.50. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 1-year low of $52.15 and a 1-year high of $87.00. The company has a market cap of $3.78 billion, a price-to-earnings ratio of 17.50 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. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%.The company had revenue of $253.93 million for the quarter, compared to analysts’ expectations of $249.64 million. On average, analysts anticipate that Independent Bank will post 5.41 earnings per share for the current year.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 524 shares of the firm’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 transaction, the director owned 13,247 shares in the company, valued at approximately $1,125,995. This trade represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John J. Morrissey sold 1,988 shares of the company’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 directly owned 12,747 shares of the company’s stock, valued at approximately $1,092,417.90. This trade represents a 13.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Independent Bank

Several hedge funds have recently bought and sold shares of the company. Salomon & Ludwin LLC increased its position in shares of 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 buying an additional 224 shares in the last quarter. First Horizon Corp acquired a new position in Independent Bank in the third quarter valued at about $31,000. Advisory Services Network LLC acquired a new position in Independent Bank in the third quarter valued at about $32,000. EverSource Wealth Advisors LLC increased its holdings 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 worth $35,000 after acquiring an additional 385 shares in the last quarter. Finally, Cullen Frost Bankers Inc. acquired a new stake in shares of Independent Bank during the third quarter worth about $37,000. 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.