Thomas Venables Sells 3,750 Shares of Independent Bank (NASDAQ:INDB) Stock

Independent Bank Corp. (NASDAQ:INDB) Director Thomas Venables sold 3,750 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total transaction of $311,250.00. Following the completion of the sale, the director directly owned 17,649 shares of the company’s stock, valued at approximately $1,464,867. This trade represents a 17.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Independent Bank Stock Performance

NASDAQ:INDB opened at $82.42 on Friday. The firm’s 50-day moving average is $84.31 and its 200-day moving average is $80.66. Independent Bank Corp. has a 52-week low of $63.33 and a 52-week high of $87.50. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $3.90 billion, a price-to-earnings ratio of 14.88 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.09). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The company had revenue of $253.32 million during the quarter, compared to the consensus estimate of $257.50 million. Equities research analysts anticipate that Independent Bank Corp. will post 7.11 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Monday, June 29th were given a $0.64 dividend. The ex-dividend date was Monday, June 29th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.1%. Independent Bank’s dividend payout ratio (DPR) is currently 46.21%.

Analysts Set New Price Targets

A number of research analysts recently commented on INDB shares. Hovde Group initiated coverage on Independent Bank in a research note on Friday, May 15th. They issued an “outperform” rating and a $95.00 target price for the company. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a report on Wednesday, August 5th. Independent Research set a $95.00 price objective on shares of Independent Bank in a research note on Friday, May 15th. Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research report on Monday, July 20th. Finally, Piper Sandler upped their target price on shares of Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $91.86.

Institutional Trading of Independent Bank

Large investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Independent Bank during the second quarter valued at $584,333,000. California State Teachers Retirement System grew its holdings in shares of Independent Bank by 8,030.5% in the 2nd quarter. California State Teachers Retirement System now owns 4,602,926 shares of the bank’s stock worth $385,357,000 after purchasing an additional 4,546,313 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Independent Bank by 57.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after purchasing an additional 624,833 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Independent Bank by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock valued at $90,082,000 after purchasing an additional 20,278 shares during the last quarter. Finally, Verition Fund Management LLC lifted its holdings in Independent Bank by 17.6% during the 3rd quarter. Verition Fund Management LLC now owns 946,006 shares of the bank’s stock valued at $65,435,000 after purchasing an additional 141,888 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

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.