Independent Bank (NASDAQ:INDB) Director Joseph Lerner Sells 2,832 Shares of Stock

Independent Bank Corp. (NASDAQ:INDB) Director Joseph Lerner sold 2,832 shares of Independent Bank stock in a transaction that occurred on 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 owned 16,215 shares of the company’s stock, valued at $1,253,581.65. The trade was a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Independent Bank Price Performance

INDB stock opened at $77.55 on Tuesday. The firm has a 50 day moving average price of $77.68 and a 200-day moving average price of $77.06. Independent Bank Corp. has a 52-week low of $57.01 and a 52-week high of $87.00. The firm has a market capitalization of $3.75 billion, a price-to-earnings ratio of 15.39 and a beta of 0.78. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94.

Independent Bank (NASDAQ:INDB) last released its earnings results 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). Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. The business had revenue of $252.72 million for the quarter, compared to analysts’ expectations of $251.45 million. During the same quarter in the previous year, the business posted $1.06 earnings per share. Equities research analysts forecast that Independent Bank Corp. will post 7.33 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were issued a dividend of $0.64 per share. The ex-dividend date was Monday, March 30th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 annualized dividend and a dividend yield of 3.3%. Independent Bank’s dividend payout ratio (DPR) is 50.79%.

Institutional Investors Weigh In On Independent Bank

A number of hedge funds have recently modified their holdings of INDB. Salomon & Ludwin LLC grew its position in shares of Independent Bank by 167.2% during the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after acquiring an additional 224 shares during the period. Advisory Services Network LLC bought a new stake in shares of Independent Bank during the 3rd quarter valued at $32,000. EverSource Wealth Advisors LLC grew its position in shares of Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after acquiring an additional 385 shares during the period. Danske Bank A S bought a new stake in shares of Independent Bank during the 3rd quarter valued at $42,000. Finally, First Horizon Corp grew its position in shares of Independent Bank by 47.8% during the 4th quarter. First Horizon Corp now owns 659 shares of the bank’s stock valued at $48,000 after acquiring an additional 213 shares during the period. Institutional investors own 83.40% of the company’s stock.

Analyst Ratings Changes

INDB has been the subject of several recent research reports. Stephens initiated coverage on shares of Independent Bank in a report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 target price for the company. Hovde Group assumed coverage on shares of Independent Bank in a report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price objective for the company. Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating for the company in a report on Monday, April 20th. Piper Sandler assumed coverage on shares of Independent Bank in a report on Monday, March 16th. They issued a “neutral” rating and a $84.00 price objective for the company. Finally, Barclays boosted their price objective on shares of Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Independent Bank currently has an average rating of “Moderate Buy” and a consensus target price of $90.71.

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.