Independent Bank (NASDAQ:INDB) Director Sells $449,449.83 in Stock

Independent Bank Corp. (NASDAQ:INDB) Director Gerard Nadeau sold 5,307 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the sale, the director owned 16,907 shares of the company’s stock, valued at $1,431,853.83. The trade was a 23.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $83.73 on Friday. The stock’s 50-day simple moving average is $83.22 and its 200-day simple moving average is $80.32. Independent Bank Corp. has a 52 week low of $62.90 and a 52 week high of $87.50. The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of 15.11 and a beta of 0.78. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.14.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). The business had revenue of $253.32 million during the quarter, compared to the consensus estimate of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. As a group, analysts expect that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Monday, June 29th were issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank’s dividend payout ratio (DPR) is 46.21%.

Analyst Ratings Changes

INDB has been the topic of several research analyst reports. Independent Research set a $95.00 target price on shares of Independent Bank in a report on Friday, May 15th. Keefe, Bruyette & Woods cut their target price on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Monday, July 20th. Raymond James Financial reiterated a “strong-buy” rating and issued a $97.00 price target on shares of Independent Bank in a report on Friday, April 17th. Stephens began coverage on shares of Independent Bank in a report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price objective for the company. Finally, Piper Sandler raised their price objective on Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $91.86.

Institutional Trading of Independent Bank

Institutional investors have recently bought and sold shares of the stock. Salomon & Ludwin LLC raised 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 valued at $27,000 after acquiring an additional 224 shares during the period. Ballast Advisors LLC purchased a new position in shares of Independent Bank during the 1st quarter worth about $30,000. Advisory Services Network LLC bought a new position in Independent Bank during the 3rd quarter valued at about $32,000. EverSource Wealth Advisors LLC raised its position in Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after purchasing an additional 385 shares during the period. Finally, Danske Bank A S purchased a new stake in Independent Bank in the 3rd quarter worth about $42,000. 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.