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

Independent Bank Corp. (NASDAQ:INDB) has been given an average recommendation of “Moderate Buy” by the eight ratings firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $90.7143.

Several research analysts have weighed in on the company. Raymond James Financial reiterated a “strong-buy” rating and issued a $97.00 price target on shares of Independent Bank in a report on Friday, April 17th. Piper Sandler began coverage on Independent Bank in a report on Monday, March 16th. They set a “neutral” rating and a $84.00 price objective on the stock. Weiss Ratings raised Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 8th. Keefe, Bruyette & Woods dropped their target price on Independent Bank from $96.00 to $94.00 and set an “outperform” rating for the company in a research note on Monday, April 20th. Finally, Stephens initiated coverage on Independent Bank in a research report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 target price on the stock.

Insider Buying and Selling at Independent Bank

In other news, Director Joseph C. Lerner sold 2,832 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $77.31, for a total transaction of $218,941.92. Following the transaction, the director directly owned 16,215 shares in the company, valued at $1,253,581.65. This represents a 14.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Independent Bank

Institutional investors and hedge funds have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. boosted its holdings in shares of Independent Bank by 1.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank’s stock valued at $930,000 after purchasing an additional 134 shares during the last quarter. Xponance LLC increased its holdings in shares of Independent Bank by 3.6% during the 4th quarter. Xponance LLC now owns 3,981 shares of the bank’s stock worth $291,000 after buying an additional 140 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Independent Bank by 26.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock worth $52,000 after buying an additional 146 shares during the period. Vanguard Personalized Indexing Management LLC raised its position in shares of Independent Bank by 2.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank’s stock worth $607,000 after buying an additional 161 shares during the period. Finally, Profund Advisors LLC boosted its holdings in Independent Bank by 5.0% in the third 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 last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Price Performance

Independent Bank stock opened at $83.27 on Wednesday. Independent Bank has a 12-month low of $57.01 and a 12-month high of $87.00. The stock has a market capitalization of $4.02 billion, a P/E ratio of 16.52 and a beta of 0.78. The firm’s 50-day moving average is $78.62 and its two-hundred day moving average is $77.79. 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 posted its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). The firm had revenue of $252.72 million during the quarter, compared to analyst estimates 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 prior year, the firm earned $1.06 EPS. Equities analysts predict that Independent Bank will post 7.33 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were paid a dividend of $0.64 per share. The ex-dividend date of this dividend was Monday, March 30th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.1%. This is an increase from Independent Bank’s previous quarterly dividend of $0.59. Independent Bank’s dividend payout ratio is currently 50.79%.

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.