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

Shares of Independent Bank Corp. (NASDAQ:INDB) have been given a consensus recommendation of “Hold” by the five research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $76.50.

A number of brokerages recently issued reports on INDB. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $80.00 to $83.00 in a research note on Tuesday, October 21st. Barclays downgraded Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 target price for the company. in a research report on Monday. Independent Research set a $80.00 price target on shares of Independent Bank in a report on Wednesday, December 17th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd.

Independent Bank Price Performance

INDB stock opened at $85.22 on Thursday. The stock has a market cap of $4.23 billion, a PE ratio of 19.15 and a beta of 0.80. Independent Bank has a 12 month low of $52.15 and a 12 month high of $86.56. The company has a 50-day moving average price of $76.35 and a 200 day moving average price of $71.29. 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 (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, January 22nd. The bank reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.05. The business had revenue of $253.93 million during the quarter, compared to the consensus estimate of $249.64 million. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. Equities research analysts anticipate that Independent Bank will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Monday, December 29th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, December 29th. Independent Bank’s payout ratio is currently 53.03%.

Insider Activity at Independent Bank

In other Independent Bank news, Director Ken S. Ansin sold 53,000 shares of Independent Bank stock in a transaction on Friday, November 14th. The stock was sold at an average price of $69.06, for a total transaction of $3,660,180.00. Following the completion of the sale, the director directly owned 53,738 shares of the company’s stock, valued at $3,711,146.28. The trade was a 49.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Gerard F. Nadeau sold 3,000 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $70.00, for a total value of $210,000.00. Following the transaction, the director directly owned 22,395 shares in the company, valued at $1,567,650. The trade was a 11.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 200,405 shares of company stock worth $13,971,482. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Independent Bank

Institutional investors and hedge funds have recently made changes to their positions in the company. Salomon & Ludwin LLC lifted its stake 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 acquiring an additional 224 shares during the period. First Horizon Corp bought a new stake in shares of Independent Bank in the 3rd quarter valued at about $31,000. Advisory Services Network LLC purchased a new stake in shares of Independent Bank in the 3rd quarter worth approximately $32,000. Cullen Frost Bankers Inc. bought a new position in shares of Independent Bank during the third quarter valued at approximately $37,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of 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 in the last quarter. 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.