Independent Bank (NASDAQ:INDB) Stock Price Expected to Rise, Barclays Analyst Says

Independent Bank (NASDAQ:INDB) had its price target lifted by investment analysts at Barclays from $80.00 to $82.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “underweight” rating on the bank’s stock. Barclays‘s target price indicates a potential upside of 5.32% from the stock’s current price.

Several other brokerages also recently weighed in on INDB. Independent Research set a $80.00 target price on Independent Bank in a research note on Wednesday, December 17th. Weiss Ratings raised Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 27th. Finally, Piper Sandler began coverage on shares of Independent Bank in a research report on Monday, March 16th. They set a “neutral” rating and a $84.00 target price on the stock. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Independent Bank has an average rating of “Hold” and an average price target of $82.25.

Independent Bank Stock Performance

Shares of NASDAQ INDB traded up $0.10 during trading hours on Tuesday, hitting $77.86. 91,124 shares of the stock were exchanged, compared to its average volume of 327,987. Independent Bank has a one year low of $52.15 and a one year high of $87.00. The company’s 50 day moving average is $79.11 and its 200 day moving average is $74.50. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market capitalization of $3.78 billion, a P/E ratio of 17.50 and a beta of 0.79.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, January 22nd. The bank reported $1.70 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.05. The firm had revenue of $253.93 million during the quarter, compared to analyst estimates of $249.64 million. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. On average, research analysts expect that Independent Bank will post 5.41 EPS for the current year.

Insiders Place Their Bets

In other Independent Bank news, Director John J. Morrissey sold 1,988 shares of the business’s stock in a transaction 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 sale, the director owned 12,747 shares of the company’s stock, valued at $1,092,417.90. The trade was a 13.49% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Donna L. Abelli sold 524 shares of the 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 completion of the transaction, the director owned 13,247 shares of the company’s stock, valued at approximately $1,125,995. This represents a 3.81% decrease in their position. The SEC filing for this sale provides additional information. 0.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Independent Bank

Large investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. lifted its position in shares of Independent Bank by 76.4% during the 4th quarter. Rockefeller Capital Management L.P. now owns 836 shares of the bank’s stock worth $61,000 after buying an additional 362 shares during the period. SHP Wealth Management bought a new position in shares of Independent Bank during the fourth quarter valued at $174,000. Mercer Global Advisors Inc. ADV boosted its stake in shares of Independent Bank by 6.4% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,265 shares of the bank’s stock valued at $969,000 after purchasing an additional 795 shares in the last quarter. EP Wealth Advisors LLC bought a new stake in shares of Independent Bank in the 4th quarter worth about $472,000. Finally, XTX Topco Ltd acquired a new stake in shares of Independent Bank during the 4th quarter worth about $495,000. 83.40% of the stock is currently owned by institutional investors.

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.