Analysts Set Independent Bank Corp. (NASDAQ:INDB) Price Target at $87.50

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned an average rating of “Moderate Buy” from the seven brokerages that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $87.50.

A number of brokerages recently weighed in on INDB. Barclays increased their price target on shares of Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 7th. Piper Sandler initiated coverage on Independent Bank in a research report on Monday, March 16th. They issued a “neutral” rating and a $84.00 price target on the stock. Keefe, Bruyette & Woods decreased their price objective on Independent Bank from $96.00 to $94.00 and set an “outperform” rating for the company in a research report on Monday, April 20th. Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 27th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and set a $97.00 price target on shares of Independent Bank in a report on Friday, April 17th.

Insider Activity

In other news, Director Donna L. Abelli sold 524 shares of the business’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total transaction of $44,540.00. Following the transaction, the director directly owned 13,247 shares in the company, valued at $1,125,995. The trade was a 3.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John J. Morrissey sold 1,988 shares of the stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $85.70, for a total transaction of $170,371.60. Following the transaction, the director directly owned 12,747 shares of the company’s stock, valued at $1,092,417.90. This represents a 13.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Independent Bank by 14.9% in the third quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock valued at $411,134,000 after acquiring an additional 769,086 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Independent Bank by 10.6% in the third quarter. Dimensional Fund Advisors LP now owns 2,606,415 shares of the bank’s stock valued at $180,286,000 after purchasing an additional 250,651 shares during the period. Alliancebernstein L.P. boosted its holdings in Independent Bank by 57.9% during the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after buying an additional 624,833 shares in the last quarter. Rockland Trust Co. boosted its holdings in Independent Bank by 84.1% during the fourth quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock worth $92,199,000 after buying an additional 576,183 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Independent Bank by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock worth $90,082,000 after buying an additional 20,278 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Up 0.5%

Shares of NASDAQ INDB opened at $78.10 on Tuesday. The business has a 50-day moving average price of $77.84 and a 200 day moving average price of $75.46. The stock has a market cap of $3.79 billion, a PE ratio of 15.50 and a beta of 0.79. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.13. Independent Bank has a 52-week low of $57.01 and a 52-week high of $87.00.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). The firm had revenue of $252.72 million during the quarter, compared to analysts’ expectations of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same quarter in the prior year, the firm posted $1.06 EPS. Equities research analysts forecast that Independent Bank will post 7.41 earnings per share for the current year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were paid a $0.64 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, March 30th. This represents a $2.56 annualized dividend and a dividend yield of 3.3%. Independent Bank’s dividend payout ratio (DPR) is 50.79%.

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.