Independent Bank Corp. (NASDAQ:INDB) Receives $76.50 Consensus Price Target from Brokerages

Shares of Independent Bank Corp. (NASDAQ:INDB) have been assigned a consensus recommendation of “Hold” from the five analysts that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $76.50.

Several research analysts have issued reports on the stock. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $80.00 to $83.00 in a report on Tuesday, October 21st. Barclays lowered shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price objective for the company. in a report on Monday, February 2nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Finally, Independent Research set a $80.00 price target on Independent Bank in a research note on Wednesday, December 17th.

Independent Bank Trading Down 1.0%

Shares of NASDAQ INDB opened at $85.18 on Thursday. Independent Bank has a 1 year low of $52.15 and a 1 year high of $87.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a 50-day moving average of $77.11 and a 200 day moving average of $71.68. The stock has a market cap of $4.22 billion, a P/E ratio of 19.14 and a beta of 0.80.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.05. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%.The firm had revenue of $253.93 million for the quarter, compared to analysts’ expectations of $249.64 million. As a group, sell-side analysts expect that Independent Bank will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th were paid a dividend of $0.59 per share. The ex-dividend date was Monday, December 29th. This represents a $2.36 annualized dividend and a yield of 2.8%. Independent Bank’s dividend payout ratio is currently 53.03%.

Insider Transactions at Independent Bank

In other Independent Bank news, Director John J. Morrissey sold 1,988 shares of the business’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $85.70, for a total transaction of $170,371.60. Following the completion of the sale, the director directly owned 12,747 shares in the company, valued at approximately $1,092,417.90. The trade was a 13.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas R. Venables sold 405 shares of the stock in a transaction on Friday, December 5th. The shares were sold at an average price of $73.93, for a total value of $29,941.65. Following the transaction, the director directly owned 20,557 shares in the company, valued at $1,519,779.01. The trade was a 1.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 58,917 shares of company stock valued at $4,115,033. Company insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of INDB. Salomon & Ludwin LLC grew its stake 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 purchasing an additional 224 shares during the period. First Horizon Corp purchased a new position in shares of Independent Bank during the 3rd quarter worth $31,000. 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. Finally, Cullen Frost Bankers Inc. purchased a new stake in shares of Independent Bank in the 3rd quarter worth $37,000. Institutional investors own 83.40% of the company’s stock.

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.