Analysts Set Independent Bank Corp. (NASDAQ:INDB) Target Price at $91.57

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned an average recommendation of “Moderate Buy” from the eight brokerages that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, two have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $91.5714.

INDB has been the subject of a number of recent research reports. Independent Research set a $95.00 target price on shares of Independent Bank in a research report on Friday, May 15th. Piper Sandler lifted their price objective on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Weiss Ratings raised shares of Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. Stephens initiated coverage on shares of Independent Bank in a research report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 target price on the stock. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and set a $97.00 target price on shares of Independent Bank in a report on Friday, April 17th.

Independent Bank Stock Performance

Independent Bank stock traded up $0.50 during trading hours on Friday, hitting $83.71. The company had a trading volume of 272,610 shares, compared to its average volume of 422,795. The firm has a 50-day moving average of $80.48 and a 200 day moving average of $78.94. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $4.05 billion, a PE ratio of 16.61 and a beta of 0.77. Independent Bank has a one year low of $61.55 and a one year high of $87.00.

Independent Bank (NASDAQ:INDB) last announced its earnings results 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 for the quarter, compared to the consensus estimate of $251.45 million. Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.During the same quarter last year, the business posted $1.06 EPS. On average, sell-side analysts expect that Independent Bank will post 7.28 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were given a dividend of $0.64 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $2.56 dividend on an annualized basis and a yield of 3.1%. Independent Bank’s dividend payout ratio is currently 50.79%.

Insider Buying and Selling

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of Independent Bank stock in a transaction on Monday, May 18th. The stock was sold at an average price of $77.31, for a total value of $218,941.92. Following the completion of the transaction, the director directly owned 16,215 shares of the company’s stock, valued at $1,253,581.65. The trade was a 14.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Independent Bank

Large investors have recently modified their holdings of the stock. Salomon & Ludwin LLC raised its stake in Independent Bank by 167.2% in the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after purchasing an additional 224 shares in the last quarter. Ballast Advisors LLC bought a new position in Independent Bank in the 1st quarter valued at about $30,000. Advisory Services Network LLC acquired a new position in shares of Independent Bank in the 3rd quarter valued at approximately $32,000. EverSource Wealth Advisors LLC raised its position in shares of Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after buying an additional 385 shares in the last quarter. Finally, Danske Bank A S bought a new stake in shares of Independent Bank during the 3rd quarter worth approximately $42,000. 83.40% of the stock is owned by institutional investors and hedge funds.

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.