Independent Bank (NASDAQ:INDB) Director Sells $311,250.00 in Stock

Independent Bank Corp. (NASDAQ:INDB) Director Thomas Venables sold 3,750 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the sale, the director owned 17,649 shares of the company’s stock, valued at approximately $1,464,867. This represents a 17.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Independent Bank Stock Performance

Shares of NASDAQ:INDB opened at $82.06 on Friday. The company has a market capitalization of $3.89 billion, a price-to-earnings ratio of 14.81 and a beta of 0.78. The firm’s 50-day moving average is $84.33 and its 200 day moving average is $80.67. Independent Bank Corp. has a 12 month low of $63.33 and a 12 month high of $87.50. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.The business had revenue of $253.32 million for the quarter, compared to the consensus estimate of $257.50 million. Research analysts predict that Independent Bank Corp. will post 7.11 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were paid a $0.64 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $2.56 annualized dividend and a yield of 3.1%. Independent Bank’s dividend payout ratio is 46.21%.

Institutional Investors Weigh In On Independent Bank

A number of large investors have recently made changes to their positions in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Independent Bank during the 2nd quarter valued at approximately $1,206,000. California State Teachers Retirement System increased its stake in Independent Bank by 8,030.5% during the second quarter. California State Teachers Retirement System now owns 4,602,926 shares of the bank’s stock worth $385,357,000 after purchasing an additional 4,546,313 shares during the period. HB Wealth Management LLC purchased a new stake in Independent Bank during the 2nd quarter worth approximately $223,000. William John Sempolinski acquired a new stake in shares of Independent Bank in the second quarter valued at $1,230,000. Finally, Nykredit A S purchased a new position in shares of Independent Bank in the 2nd quarter valued at about $140,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

INDB has been the topic of several research reports. Independent Research set a $95.00 price objective on shares of Independent Bank in a report on Friday, May 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Hovde Group started coverage on Independent Bank in a research note on Friday, May 15th. They issued an “outperform” rating and a $95.00 price objective for the company. Piper Sandler boosted their target price on shares of Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $91.86.

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.