Independent Bank (NASDAQ:INDB) Director John Morrissey Sells 1,988 Shares

Independent Bank Corp. (NASDAQ:INDB) Director John 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 transaction, the director owned 12,747 shares of the company’s stock, valued at $1,092,417.90. This trade represents a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Independent Bank Price Performance

Independent Bank stock opened at $85.18 on Tuesday. The stock has a market cap of $4.22 billion, a price-to-earnings ratio of 19.14 and a beta of 0.80. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The business has a 50-day simple moving average of $77.11 and a 200 day simple moving average of $71.68. Independent Bank Corp. has a 52 week low of $52.15 and a 52 week high of $87.00.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, January 22nd. The bank reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.05. The firm had revenue of $253.93 million during the quarter, compared to the consensus estimate of $249.64 million. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%. On average, research analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a report on Thursday, January 22nd. Independent Research set a $80.00 target price on Independent Bank in a research note on Wednesday, December 17th. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $80.00 to $83.00 in a research note on Tuesday, October 21st. Finally, 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. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $76.50.

Institutional Investors Weigh In On Independent Bank

Several institutional investors have recently added to or reduced their stakes in the company. Salomon & Ludwin LLC increased its holdings in 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 bought a new stake in shares of Independent Bank in the 3rd quarter worth approximately $31,000. Advisory Services Network LLC purchased a new position in shares of Independent Bank during the third quarter valued at approximately $32,000. EverSource Wealth Advisors LLC raised its holdings in shares of Independent Bank by 233.3% during the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after acquiring an additional 385 shares in the last quarter. Finally, Cullen Frost Bankers Inc. purchased a new stake in Independent Bank in the third quarter worth $37,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

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.