Independent Bank (NASDAQ:INDB) Hits New 12-Month High – Time to Buy?

Independent Bank Corp. (NASDAQ:INDB)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $78.64 and last traded at $78.28, with a volume of 64177 shares. The stock had previously closed at $75.42.

Analyst Upgrades and Downgrades

INDB has been the topic of several recent research reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $80.00 to $83.00 in a research note on Tuesday, October 21st. Barclays initiated coverage on Independent Bank in a report on Wednesday, December 17th. They set an “equal weight” rating and a $80.00 price target for the company. Finally, Independent Research set a $80.00 target price on Independent Bank in a research report on Wednesday, December 17th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $76.50.

Independent Bank Stock Performance

The firm has a market cap of $3.94 billion, a P/E ratio of 19.32 and a beta of 0.79. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The company’s 50-day moving average is $73.82 and its two-hundred day moving average is $70.20.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Monday, December 29th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, December 29th. Independent Bank’s dividend payout ratio is presently 57.42%.

Insider Transactions at Independent Bank

In related news, Director Thomas R. Venables sold 405 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $73.93, for a total transaction of $29,941.65. Following the transaction, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gerard F. Nadeau sold 3,000 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $70.00, for a total transaction of $210,000.00. Following the completion of the sale, the director directly owned 22,395 shares of the company’s stock, valued at $1,567,650. The trade was a 11.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 200,405 shares of company stock worth $13,971,482 in the last quarter. 0.81% of the stock is currently owned by corporate insiders.

Institutional Trading of Independent Bank

Large investors have recently added to or reduced their stakes in the stock. Flagship Harbor Advisors LLC bought a new stake in shares of Independent Bank during the fourth quarter valued at about $61,000. Harbor Capital Advisors Inc. increased its holdings in Independent Bank by 1.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank’s stock worth $930,000 after acquiring an additional 134 shares during the period. Rockland Trust Co. lifted its stake in Independent Bank by 84.1% in the 4th quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock worth $92,199,000 after purchasing an additional 576,183 shares in the last quarter. Eastern Bank grew its position in shares of Independent Bank by 19.2% during the 4th quarter. Eastern Bank now owns 25,573 shares of the bank’s stock valued at $1,869,000 after purchasing an additional 4,115 shares in the last quarter. Finally, Kelly Financial Services LLC increased its holdings in shares of Independent Bank by 15.5% in the fourth quarter. Kelly Financial Services LLC now owns 20,909 shares of the bank’s stock worth $1,528,000 after purchasing an additional 2,809 shares during the period. 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.