Independent Bank (NASDAQ:INDB) Rating Increased to Strong-Buy at Hovde Group

Independent Bank (NASDAQ:INDB) was upgraded by Hovde Group to a “strong-buy” rating in a report issued on Friday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating for the company in a research report on Monday, April 20th. Piper Sandler began coverage on shares of Independent Bank in a report on Monday, March 16th. They issued a “neutral” rating and a $84.00 target price on the stock. Stephens began coverage on shares of Independent Bank in a report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price on the stock. Independent Research set a $95.00 target price on shares of Independent Bank in a report on Friday. Finally, Weiss Ratings upgraded shares of Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Independent Bank has an average rating of “Moderate Buy” and a consensus target price of $90.71.

Independent Bank Price Performance

Shares of INDB opened at $76.04 on Friday. The company has a market capitalization of $3.67 billion, a P/E ratio of 15.09 and a beta of 0.78. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22. The firm has a 50 day moving average of $77.00 and a 200 day moving average of $76.23. Independent Bank has a twelve month low of $57.01 and a twelve month high of $87.00.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.02). The firm had revenue of $252.72 million for the quarter, compared to the consensus estimate of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same period last year, the business earned $1.06 EPS. As a group, equities research analysts anticipate that Independent Bank will post 7.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of INDB. Royal Bank of Canada boosted its stake in shares of Independent Bank by 10.6% during the 1st quarter. Royal Bank of Canada now owns 12,451 shares of the bank’s stock worth $779,000 after acquiring an additional 1,189 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Independent Bank by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank’s stock worth $1,583,000 after acquiring an additional 1,112 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Independent Bank by 2.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock worth $37,584,000 after acquiring an additional 11,714 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Independent Bank by 8.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank’s stock worth $6,623,000 after acquiring an additional 8,435 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of Independent Bank by 1,222.7% during the 1st quarter. Jane Street Group LLC now owns 74,057 shares of the bank’s stock worth $4,640,000 after acquiring an additional 68,458 shares during the last quarter. 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.