Independent Bank Corp. (NASDAQ:INDB) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Independent Bank Corp. (NASDAQ:INDB) have been given an average recommendation of “Moderate Buy” by the six analysts that are covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $76.80.

Several analysts have commented on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $80.00 to $83.00 in a research note on Tuesday, October 21st. Independent Research set a $80.00 price objective on shares of Independent Bank in a report on Wednesday, December 17th. Finally, Barclays assumed coverage on Independent Bank in a report on Wednesday, December 17th. They set an “equal weight” rating and a $80.00 target price on the stock.

Independent Bank Trading Down 0.9%

NASDAQ INDB opened at $75.50 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. Independent Bank has a 1-year low of $52.15 and a 1-year high of $78.17. The firm’s fifty day simple moving average is $72.97 and its 200-day simple moving average is $69.63. The company has a market capitalization of $3.74 billion, a PE ratio of 18.37 and a beta of 0.79.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Wednesday, February 12th. The bank reported $1.01 EPS for the quarter. The firm had revenue of $175.25 million for the quarter. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%. As a group, sell-side analysts anticipate that Independent Bank will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Monday, December 29th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, December 29th. Independent Bank’s dividend payout ratio (DPR) is presently 57.42%.

Insiders Place Their Bets

In related news, Director Ken S. Ansin sold 53,000 shares of the company’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $69.06, for a total transaction of $3,660,180.00. Following the completion of the sale, the director directly owned 53,738 shares of the company’s stock, valued at approximately $3,711,146.28. This represents a 49.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gerard F. Nadeau sold 3,000 shares of Independent Bank stock in a transaction on Friday, November 21st. The stock was sold at an average price of $70.00, for a total transaction of $210,000.00. Following the completion of the transaction, the director owned 22,395 shares in the company, valued at $1,567,650. This trade represents a 11.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 200,405 shares of company stock valued at $13,971,482 over the last 90 days. 0.81% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Independent Bank

Several large investors have recently made changes to their positions in INDB. First Horizon Corp bought a new position in Independent Bank in the 3rd quarter worth approximately $31,000. Advisory Services Network LLC bought a new position in Independent Bank during the third quarter worth $32,000. Cullen Frost Bankers Inc. acquired a new position in Independent Bank during the 3rd quarter valued at $37,000. EverSource Wealth Advisors LLC raised its stake in Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after purchasing an additional 385 shares during the last quarter. Finally, Danske Bank A S bought a new stake in Independent Bank in the 3rd quarter valued at $42,000. Institutional investors and hedge funds 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.