John Morrissey Sells 1,988 Shares of Independent Bank (NASDAQ:INDB) Stock

Independent Bank Corp. (NASDAQ:INDB) Director John Morrissey sold 1,988 shares of Independent Bank stock in a transaction that occurred on 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 owned 12,747 shares of the company’s stock, valued at $1,092,417.90. This represents a 13.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Independent Bank Stock Down 1.0%

Shares of NASDAQ:INDB traded down $0.83 during trading hours on Monday, reaching $85.18. The stock had a trading volume of 229,494 shares, compared to its average volume of 358,884. Independent Bank Corp. has a 1 year low of $52.15 and a 1 year high of $87.00. The firm’s 50 day moving average is $76.88 and its 200-day moving average is $71.55. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of 19.14 and a beta of 0.80. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95.

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

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Monday, December 29th were given 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 dividend payout ratio (DPR) is 53.03%.

Analysts Set New Price Targets

INDB has been the topic of several recent analyst reports. Barclays lowered shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target on the stock. in a research note on Monday, February 2nd. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $80.00 to $83.00 in a report on Tuesday, October 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a report on Thursday, January 22nd. Finally, Independent Research set a $80.00 target price on Independent Bank in a research report on Wednesday, December 17th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $76.50.

Institutional Investors Weigh In On Independent Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of INDB. Geode Capital Management LLC increased its holdings in shares of Independent Bank by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock valued at $90,082,000 after purchasing an additional 20,278 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Independent Bank by 26.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock worth $52,000 after acquiring an additional 146 shares during the period. Global Retirement Partners LLC increased its stake in Independent Bank by 2,626.5% in the 4th quarter. Global Retirement Partners LLC now owns 1,854 shares of the bank’s stock valued at $136,000 after purchasing an additional 1,786 shares in the last quarter. GSA Capital Partners LLP acquired a new position in Independent Bank during the fourth quarter worth $1,012,000. Finally, Isthmus Partners LLC boosted its position in Independent Bank by 1.0% during the fourth quarter. Isthmus Partners LLC now owns 41,970 shares of the bank’s stock worth $3,067,000 after purchasing an additional 418 shares in the last quarter. Institutional investors and hedge funds 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.