Independent Bank Corp. (NASDAQ:INDB) Given Average Recommendation of “Hold” by Analysts

Shares of Independent Bank Corp. (NASDAQ:INDB) have received a consensus recommendation of “Hold” from the five ratings firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $81.75.

A number of equities analysts have issued reports on INDB shares. Weiss Ratings raised shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 27th. Piper Sandler started 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 for the company. Independent Research set a $80.00 price target on Independent Bank in a research report on Wednesday, December 17th. Finally, Barclays cut Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price objective for the company. in a research note on Monday, February 2nd.

Independent Bank Stock Performance

Independent Bank stock opened at $76.78 on Friday. The company has a market cap of $3.73 billion, a PE ratio of 17.25 and a beta of 0.79. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 1 year low of $52.15 and a 1 year high of $87.00. The company’s 50-day moving average is $79.15 and its two-hundred day moving average is $74.37.

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

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Shareholders of record on Monday, March 30th will be issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.3%. This is an increase from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, March 30th. Independent Bank’s dividend payout ratio (DPR) is 57.53%.

Insider Activity

In other news, Director John J. Morrissey sold 1,988 shares of the business’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $85.70, for a total transaction of $170,371.60. Following the completion of the transaction, the director directly owned 12,747 shares in the company, valued at approximately $1,092,417.90. The trade was a 13.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Donna L. Abelli sold 524 shares of the company’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total value of $44,540.00. Following the completion of the sale, the director directly owned 13,247 shares of the company’s stock, valued at approximately $1,125,995. This trade represents a 3.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.81% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Independent Bank

Hedge funds have recently bought and sold shares of the company. Cibc World Market Inc. bought a new stake in shares of Independent Bank in the 3rd quarter valued at $6,506,000. HighTower Advisors LLC lifted its holdings in Independent Bank by 242.9% during the third quarter. HighTower Advisors LLC now owns 23,406 shares of the bank’s stock worth $1,619,000 after acquiring an additional 16,581 shares in the last quarter. Spinnaker Trust acquired a new position in Independent Bank in the third quarter valued at about $1,856,000. White Pine Capital LLC acquired a new position in Independent Bank in the third quarter valued at about $1,792,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Independent Bank in the second quarter worth about $1,486,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

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.