Keefe, Bruyette & Woods Has Lowered Expectations for Independent Bank (NASDAQ:INDB) Stock Price

Independent Bank (NASDAQ:INDB) had its target price decreased by investment analysts at Keefe, Bruyette & Woods from $99.00 to $96.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 12.76% from the stock’s current price.

A number of other analysts have also recently weighed in on INDB. Independent Research set a $95.00 price target on shares of Independent Bank in a research report on Friday, May 15th. Weiss Ratings raised Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 8th. Stephens initiated coverage on Independent Bank in a research note on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price objective on the stock. Hovde Group initiated coverage on Independent Bank in a research report on Friday, May 15th. They issued an “outperform” rating and a $95.00 target price for the company. Finally, Piper Sandler increased their target price on Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Independent Bank presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.86.

Independent Bank Price Performance

INDB opened at $85.14 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.14. Independent Bank has a 52-week low of $61.55 and a 52-week high of $87.50. The company has a 50 day moving average of $81.48 and a two-hundred day moving average of $79.44. The company has a market cap of $4.11 billion, a P/E ratio of 15.37 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The business had revenue of $253.32 million during the quarter, compared to analysts’ expectations of $257.50 million. On average, analysts expect that Independent Bank will post 7.19 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Joseph C. Lerner sold 2,832 shares of Independent Bank stock in a transaction 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 sale, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Independent Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. boosted its position in shares of Independent Bank by 1.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank’s stock worth $930,000 after buying an additional 134 shares during the period. Xponance LLC grew its holdings in Independent Bank by 3.6% in the 4th quarter. Xponance LLC now owns 3,981 shares of the bank’s stock worth $291,000 after buying an additional 140 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Independent Bank by 26.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock valued at $52,000 after acquiring an additional 146 shares during the period. Vanguard Personalized Indexing Management LLC increased its position in Independent Bank by 2.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank’s stock valued at $607,000 after acquiring an additional 161 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Independent Bank by 0.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,246 shares of the bank’s stock valued at $1,821,000 after acquiring an additional 177 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other 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.