Independent Bank (NASDAQ:INDB) Director Donna Abelli Sells 524 Shares of Stock

Independent Bank Corp. (NASDAQ:INDB) Director Donna Abelli sold 524 shares of the business’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total transaction of $44,540.00. Following the transaction, the director owned 13,247 shares of the company’s stock, valued at approximately $1,125,995. The trade was a 3.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Independent Bank Stock Up 1.3%

Shares of NASDAQ:INDB traded up $1.11 on Friday, hitting $86.28. 23,996 shares of the company’s stock were exchanged, compared to its average volume of 352,935. Independent Bank Corp. has a 1-year low of $52.15 and a 1-year high of $87.00. The company has a market capitalization of $4.28 billion, a PE ratio of 19.40 and a beta of 0.80. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The firm’s 50-day moving average is $76.60 and its 200 day moving average is $71.39.

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

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Monday, December 29th were paid a dividend of $0.59 per share. The ex-dividend date was Monday, December 29th. This represents a $2.36 annualized dividend and a dividend yield of 2.7%. Independent Bank’s dividend payout ratio is 53.03%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Salomon & Ludwin LLC increased its position in Independent Bank by 167.2% during the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after buying an additional 224 shares in the last quarter. First Horizon Corp acquired a new position in Independent Bank in the 3rd quarter valued at about $31,000. Advisory Services Network LLC acquired a new position in shares of Independent Bank in the third quarter valued at approximately $32,000. EverSource Wealth Advisors LLC grew its stake in Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after acquiring an additional 385 shares during the period. Finally, Cullen Frost Bankers Inc. acquired a new position in Independent Bank in the 3rd quarter valued at $37,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

INDB has been the topic of a number of analyst reports. Independent Research set a $80.00 price objective on shares of Independent Bank in a research report on Wednesday, December 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a report on Thursday, January 22nd. Keefe, Bruyette & Woods upgraded Independent Bank from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $80.00 to $83.00 in a research report on Tuesday, October 21st. Finally, Barclays downgraded Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 target price for the company. in a report on Monday. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $76.50.

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.