Piper Sandler Boosts Independent Bank (NASDAQ:INDB) Price Target to $90.00

Independent Bank (NASDAQ:INDB) had its price objective raised by Piper Sandler from $84.00 to $90.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. Piper Sandler’s target price indicates a potential upside of 5.18% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Weiss Ratings upgraded Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. Stephens started coverage on Independent Bank in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price objective for the company. Keefe, Bruyette & Woods cut their target price on Independent Bank from $96.00 to $94.00 and set an “outperform” rating for the company in a research report on Monday, April 20th. Hovde Group initiated coverage on Independent Bank in a research note on Friday, May 15th. They set an “outperform” rating and a $95.00 target price on the stock. Finally, Independent Research set a $95.00 target price on Independent Bank in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.57.

Independent Bank Price Performance

Shares of INDB traded up $0.46 during mid-day trading on Friday, reaching $85.57. The stock had a trading volume of 22,723 shares, compared to its average volume of 341,359. The business has a fifty day moving average of $79.22 and a 200 day moving average of $78.37. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $4.14 billion, a price-to-earnings ratio of 16.99 and a beta of 0.77. Independent Bank has a 12 month low of $61.19 and a 12 month high of $87.00.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 EPS for the quarter, missing the consensus estimate of $1.70 by ($0.02). Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. The firm had revenue of $252.72 million for the quarter, compared to the consensus estimate of $251.45 million. During the same quarter in the previous year, the business earned $1.06 earnings per share. Equities analysts predict that Independent Bank will post 7.33 EPS for the current year.

Insider Activity

In related news, Director Joseph C. Lerner sold 2,832 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the transaction, the director directly owned 16,215 shares of the company’s stock, valued at approximately $1,253,581.65. This represents a 14.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Independent Bank

Large investors have recently added to or reduced their stakes in the company. Salomon & Ludwin LLC increased its position in 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 purchasing an additional 224 shares during the last quarter. Ballast Advisors LLC bought a new position in Independent Bank during the first quarter valued at $30,000. Advisory Services Network LLC bought a new position in Independent Bank during the third quarter valued at $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 last quarter. Finally, Danske Bank A S purchased a new position in shares of Independent Bank in the 3rd quarter worth $42,000. 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.