Independent Bank (NASDAQ:INDB) Director Joseph Lerner Sells 2,832 Shares

Independent Bank Corp. (NASDAQ:INDB) Director Joseph Lerner sold 2,832 shares of the 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 owned 16,215 shares of the company’s stock, valued at approximately $1,253,581.65. This trade represents a 14.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Independent Bank Stock Down 1.9%

Independent Bank stock traded down $1.53 on Monday, hitting $77.55. 534,758 shares of the stock traded hands, compared to its average volume of 338,842. Independent Bank Corp. has a 1 year low of $57.01 and a 1 year high of $87.00. The firm has a market cap of $3.75 billion, a P/E ratio of 15.39 and a beta of 0.78. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The business’s fifty day simple moving average is $77.61 and its 200 day simple moving average is $77.00.

Independent Bank (NASDAQ:INDB) last released 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 business had revenue of $252.72 million during the quarter, compared to analysts’ expectations of $251.45 million. Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.During the same period in the prior year, the company earned $1.06 earnings per share. As a group, sell-side analysts forecast that Independent Bank Corp. will post 7.33 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 30th were issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.3%. This is a boost from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, March 30th. Independent Bank’s dividend payout ratio is currently 50.79%.

Institutional Trading of Independent Bank

A number of institutional investors have recently made changes to their positions in the stock. Salomon & Ludwin LLC grew its stake in shares of Independent Bank by 167.2% in the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after acquiring an additional 224 shares during the period. Advisory Services Network LLC bought a new position in Independent Bank during the third quarter valued at approximately $32,000. EverSource Wealth Advisors LLC lifted its position in Independent Bank by 233.3% during the second 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 period. Danske Bank A S purchased a new stake in Independent Bank in the third quarter worth approximately $42,000. Finally, First Horizon Corp boosted its holdings in Independent Bank by 47.8% in the fourth quarter. First Horizon Corp now owns 659 shares of the bank’s stock worth $48,000 after purchasing an additional 213 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Analyst Ratings Changes

INDB has been the subject of a number of analyst reports. Hovde Group initiated coverage on shares of Independent Bank in a research note on Friday, May 15th. They set an “outperform” rating and a $95.00 target price for the company. Barclays boosted their price target on Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 7th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $97.00 price objective on shares of Independent Bank in a research report on Friday, April 17th. Keefe, Bruyette & Woods lowered their price objective on Independent Bank from $96.00 to $94.00 and set an “outperform” rating for the company in a research note on Monday, April 20th. Finally, Stephens started coverage on Independent Bank in a report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Independent Bank presently has an average rating of “Moderate Buy” and a consensus price target of $90.71.

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.