Independent Bank Corp. (NASDAQ:INDB) Receives Average Recommendation of “Moderate Buy” from Analysts

Independent Bank Corp. (NASDAQ:INDB) has been given a consensus rating of “Moderate Buy” by the six research firms that are currently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $76.80.

A number of equities research analysts have weighed in on the company. Barclays started coverage on Independent Bank in a report on Wednesday, December 17th. They set an “equal weight” rating and a $80.00 price objective on the stock. Independent Research set a $80.00 price target on 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 Wednesday, October 8th. Finally, Keefe, Bruyette & Woods upgraded shares of Independent Bank from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $80.00 to $83.00 in a research note on Tuesday, October 21st.

Independent Bank Trading Down 0.9%

Shares of INDB opened at $75.50 on Friday. The stock’s 50-day moving average price is $72.97 and its 200 day moving average price is $69.63. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of 18.37 and a beta of 0.79. Independent Bank has a 12-month low of $52.15 and a 12-month high of $78.17.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. The firm had revenue of $175.25 million for the quarter. As a group, research analysts predict that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Monday, December 29th were given a dividend of $0.59 per share. The ex-dividend date was Monday, December 29th. This represents a $2.36 dividend on an annualized basis and a yield of 3.1%. Independent Bank’s dividend payout ratio is 57.42%.

Insider Activity

In related news, Director Thomas R. Venables sold 405 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $73.93, for a total transaction of $29,941.65. Following the transaction, the director owned 20,557 shares in the company, valued at $1,519,779.01. This represents a 1.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gerard F. Nadeau sold 3,000 shares of the business’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $70.00, for a total transaction of $210,000.00. Following the completion of the transaction, the director directly owned 22,395 shares of the company’s stock, valued at approximately $1,567,650. This represents a 11.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 200,405 shares of company stock worth $13,971,482. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Independent Bank

Institutional investors and hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC raised its holdings in shares of Independent Bank by 1.5% during the second quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock worth $680,000 after acquiring an additional 162 shares during the period. Profund Advisors LLC grew its position in shares of Independent Bank by 5.0% in the 3rd quarter. Profund Advisors LLC now owns 3,732 shares of the bank’s stock valued at $258,000 after acquiring an additional 177 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Independent Bank by 0.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,246 shares of the bank’s stock worth $1,821,000 after purchasing an additional 177 shares during the period. Osaic Holdings Inc. increased its holdings in shares of Independent Bank by 23.3% during the 2nd quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock worth $70,000 after acquiring an additional 211 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its position in shares of Independent Bank by 2.9% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock valued at $495,000 after purchasing an additional 218 shares during the period. 83.40% of the stock is 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.