Brokerages Set Independent Bank Corp. (NASDAQ:INDB) Price Target at $76.50

Shares of Independent Bank Corp. (NASDAQ:INDB) have earned an average rating of “Hold” from the five ratings firms that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $76.50.

A number of equities research analysts recently weighed in on INDB shares. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research report on Thursday, January 22nd. Barclays downgraded Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 target price for the company. in a research report on Monday, February 2nd. Finally, Independent Research set a $80.00 price target on Independent Bank in a research note on Wednesday, December 17th.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $77.21 on Monday. The company’s 50 day moving average price is $79.26 and its two-hundred day moving average price is $73.84. The firm has a market capitalization of $3.78 billion, a P/E ratio of 17.35 and a beta of 0.79. Independent Bank has a fifty-two week low of $52.15 and a fifty-two week high of $87.00. 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 (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.05. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. The company had revenue of $253.93 million during the quarter, compared to the consensus estimate of $249.64 million. On average, equities analysts forecast that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Monday, December 29th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, December 29th. Independent Bank’s dividend payout ratio (DPR) is 53.03%.

Insider Activity at Independent Bank

In other Independent Bank news, Director John J. Morrissey sold 1,988 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $85.70, for a total value of $170,371.60. Following the completion of the transaction, the director directly owned 12,747 shares in the company, valued at approximately $1,092,417.90. This represents a 13.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Donna L. Abelli sold 524 shares of the firm’s stock in a transaction 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 transaction, the director directly owned 13,247 shares of the company’s stock, valued at $1,125,995. The trade was a 3.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.81% of the stock is owned by company insiders.

Institutional Trading of Independent Bank

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased 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 purchasing an additional 769,086 shares during the period. Dimensional Fund Advisors LP raised its position in Independent Bank by 10.6% during 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. lifted its holdings in Independent Bank by 57.9% during the 2nd 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 during the period. Rockland Trust Co. lifted its holdings in Independent Bank by 84.1% during the 4th 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 during the period. Finally, Geode Capital Management LLC grew its position in shares of Independent Bank by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock valued at $90,082,000 after buying 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.