Piper Sandler Begins Coverage on Independent Bank (NASDAQ:INDB)

Research analysts at Piper Sandler started coverage on shares of Independent Bank (NASDAQ:INDB) in a research note issued to investors on Monday. The firm set a “neutral” rating and a $84.00 price target on the bank’s stock. Piper Sandler’s price objective suggests a potential upside of 11.62% from the company’s current price.

Several other analysts have also recently commented on the company. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a report on Thursday, January 22nd. Barclays cut Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target for the company. in a report on Monday, February 2nd. Finally, Independent Research set a $80.00 price target on shares of Independent Bank in a research report on Wednesday, December 17th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $81.75.

Independent Bank Price Performance

Shares of NASDAQ:INDB traded up $0.52 during trading on Monday, reaching $75.26. The stock had a trading volume of 16,971 shares, compared to its average volume of 321,950. The stock has a market capitalization of $3.69 billion, a PE ratio of 16.91 and a beta of 0.79. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank has a 52 week low of $52.15 and a 52 week high of $87.00. The business’s 50-day moving average price is $79.47 and its 200 day moving average price is $74.03.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.05. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%.The business had revenue of $253.93 million for the quarter, compared to analyst estimates of $249.64 million. As a group, equities analysts predict that Independent Bank will post 5.41 earnings per share for the current year.

Insider Activity

In other news, Director Donna L. Abelli sold 524 shares of Independent Bank stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total transaction of $44,540.00. Following the completion of the sale, the director owned 13,247 shares in the company, valued at $1,125,995. The trade was a 3.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John J. Morrissey sold 1,988 shares of Independent Bank stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $85.70, for a total transaction of $170,371.60. Following the sale, the director owned 12,747 shares of the company’s stock, valued at approximately $1,092,417.90. This represents a 13.49% decrease in their position. The SEC filing for this sale provides additional information. 0.81% of the stock is currently owned by company insiders.

Institutional Trading of Independent Bank

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Independent Bank by 14.9% during the 3rd 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 last quarter. Dimensional Fund Advisors LP boosted its position in shares of Independent Bank by 10.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,606,415 shares of the bank’s stock worth $180,286,000 after purchasing an additional 250,651 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of 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 purchasing an additional 624,833 shares during the period. Rockland Trust Co. grew its stake in shares of 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 purchasing an additional 576,183 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Independent Bank by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock valued at $90,082,000 after purchasing an additional 20,278 shares during the last quarter. 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.