Independent Bank (NASDAQ:INDB) Reaches New 1-Year High – Here’s Why

Independent Bank Corp. (NASDAQ:INDB) shares hit a new 52-week high on Monday . The company traded as high as $78.17 and last traded at $77.7860, with a volume of 23885 shares trading hands. The stock had previously closed at $77.40.

Wall Street Analyst Weigh In

INDB has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. Independent Research set a $80.00 price objective on Independent Bank in a report on Wednesday, December 17th. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $80.00 to $83.00 in a research report on Tuesday, October 21st. Finally, Barclays began coverage on shares of Independent Bank in a research report on Wednesday, December 17th. They issued an “equal weight” rating and a $80.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $76.80.

Independent Bank Trading Down 0.3%

The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.94. The stock’s 50-day moving average is $70.84 and its two-hundred day moving average is $68.43. The company has a market cap of $3.83 billion, a P/E ratio of 18.82 and a beta of 0.81.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share for the quarter. The business had revenue of $175.25 million during the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. As a group, equities research analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Monday, December 29th. This represents a $2.36 dividend on an annualized basis and a yield of 3.1%. Independent Bank’s dividend payout ratio is currently 57.42%.

Insider Buying and Selling at Independent Bank

In other news, Director Ken S. Ansin sold 53,000 shares of Independent Bank stock in a transaction on Friday, November 14th. The shares were sold at an average price of $69.06, for a total transaction of $3,660,180.00. Following the transaction, the director owned 53,738 shares in the company, valued at $3,711,146.28. This trade represents a 49.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Thomas R. Venables sold 405 shares of the company’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $73.93, for a total value of $29,941.65. Following the completion of the sale, the director owned 20,557 shares of the company’s stock, valued at $1,519,779.01. This trade represents a 1.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 200,405 shares of company stock worth $13,971,482 in the last three months. 0.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Independent Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its holdings in Independent Bank by 1.5% during the second quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock valued at $680,000 after purchasing an additional 162 shares in the last quarter. Profund Advisors LLC lifted its stake in shares of Independent Bank by 5.0% during the 3rd quarter. Profund Advisors LLC now owns 3,732 shares of the bank’s stock valued at $258,000 after buying an additional 177 shares in the last quarter. Osaic Holdings Inc. lifted its stake in shares of Independent Bank by 23.3% during the 2nd quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock valued at $70,000 after buying an additional 211 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in Independent Bank by 2.9% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock worth $495,000 after buying an additional 218 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in Independent Bank by 0.6% during the second quarter. California State Teachers Retirement System now owns 39,289 shares of the bank’s stock valued at $2,471,000 after acquiring an additional 224 shares during the period. 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.