Independent Bank Corp. (NASDAQ:INDB) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Independent Bank Corp. (NASDAQ:INDB) has been given an average recommendation of “Moderate Buy” by the six ratings firms that are currently covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $76.80.

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods upgraded Independent Bank from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $80.00 to $83.00 in a report on Tuesday, October 21st. Independent Research set a $80.00 target price on shares of Independent Bank in a research note on Wednesday, December 17th. Barclays initiated coverage on shares of Independent Bank in a research report on Wednesday, December 17th. They set an “equal weight” rating and a $80.00 price target for the company. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th.

Independent Bank Trading Down 0.2%

Shares of INDB stock opened at $76.45 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. Independent Bank has a twelve month low of $52.15 and a twelve month high of $78.17. The company’s 50-day moving average price is $73.58 and its 200-day moving average price is $70.04. The stock has a market cap of $3.79 billion, a price-to-earnings ratio of 18.60 and a beta of 0.79.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, October 16th. The bank reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.01. The company had revenue of $243.74 million for the quarter, compared to analyst estimates of $242.65 million. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. As a group, equities analysts predict that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

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

Insider Transactions at Independent Bank

In other Independent Bank news, Director Gerard F. Nadeau sold 3,000 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $70.00, for a total value of $210,000.00. Following the completion of the transaction, the director owned 22,395 shares in the company, valued at $1,567,650. The trade was a 11.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 completion of the sale, the director owned 20,557 shares in the company, valued at approximately $1,519,779.01. The trade was a 1.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 200,405 shares of company stock valued at $13,971,482. 0.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. First Horizon Corp purchased a new stake in shares of Independent Bank during the third quarter worth approximately $31,000. Advisory Services Network LLC acquired a new position in Independent Bank during the 3rd quarter worth approximately $32,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Independent Bank in the 3rd quarter valued at approximately $37,000. EverSource Wealth Advisors LLC raised its holdings in shares of Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after purchasing an additional 385 shares in the last quarter. Finally, Danske Bank A S purchased a new stake in shares of Independent Bank during the 3rd quarter worth $42,000. Hedge funds and other 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.