Independent Bank (NASDAQ:INDB) Announces Earnings Results, Beats Estimates By $0.05 EPS

Independent Bank (NASDAQ:INDB) released its earnings results on Thursday. The bank reported $1.70 EPS for the quarter, beating the consensus estimate of $1.65 by $0.05, FiscalAI reports. The firm had revenue of $253.93 million for the quarter, compared to analysts’ expectations of $249.64 million. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%.

Independent Bank Price Performance

Shares of INDB traded up $1.16 during mid-day trading on Thursday, reaching $80.54. The company had a trading volume of 495,196 shares, compared to its average volume of 311,978. The company has a market capitalization of $3.99 billion, a P/E ratio of 19.60 and a beta of 0.79. The company’s 50-day moving average is $74.01 and its 200-day moving average is $70.26. Independent Bank has a twelve month low of $52.15 and a twelve month high of $80.92. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.94.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Monday, December 29th were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, December 29th. This represents a $2.36 dividend on an annualized basis and a yield of 2.9%. Independent Bank’s payout ratio is presently 57.42%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on INDB. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and increased their price target 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 research note on Wednesday, December 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. Finally, Barclays began coverage on shares of Independent Bank in a research note on Wednesday, December 17th. They issued an “equal weight” rating and a $80.00 price objective on the stock. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $76.50.

Insider Activity

In other Independent Bank news, Director Thomas R. Venables sold 405 shares of the stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $73.93, for a total value of $29,941.65. Following the transaction, the director owned 20,557 shares of the company’s stock, valued at approximately $1,519,779.01. This represents a 1.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ken S. Ansin sold 144,000 shares of Independent Bank stock in a transaction on Monday, November 10th. The stock was sold at an average price of $69.94, for a total transaction of $10,071,360.00. Following the transaction, the director directly owned 288,481 shares in the company, valued at approximately $20,176,361.14. This represents a 33.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 200,405 shares of company stock worth $13,971,482. Insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada raised its position in shares of Independent Bank by 10.6% in the 1st quarter. Royal Bank of Canada now owns 12,451 shares of the bank’s stock valued at $779,000 after buying an additional 1,189 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings 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 buying an additional 1,112 shares in the last quarter. Goldman Sachs Group Inc. lifted its position 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 buying 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 Independent Bank by 8.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank’s stock valued at $6,623,000 after buying an additional 8,435 shares in the last quarter. Finally, Jane Street Group LLC grew its position in Independent Bank by 1,222.7% in the first quarter. Jane Street Group LLC now owns 74,057 shares of the bank’s stock valued at $4,640,000 after acquiring an additional 68,458 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

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.