Brokerages Set Independent Bank Corp. (NASDAQ:INDB) Price Target at $90.71

Shares of Independent Bank Corp. (NASDAQ:INDB) have received a consensus recommendation of “Moderate Buy” from the eight ratings firms that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, four have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have covered the stock in the last year is $90.7143.

A number of analysts recently issued reports on the company. Hovde Group assumed coverage on Independent Bank in a research report on Friday, May 15th. They issued an “outperform” rating and a $95.00 target price for the company. Piper Sandler assumed coverage on Independent Bank in a research report on Monday, March 16th. They issued a “neutral” rating and a $84.00 target price for the company. Keefe, Bruyette & Woods decreased 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. Independent Research set a $95.00 target price on Independent Bank in a research report on Friday, May 15th. Finally, Stephens assumed coverage on Independent Bank in a research report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price for the company.

Insider Activity

In related news, Director Joseph C. Lerner sold 2,832 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $77.31, for a total value of $218,941.92. Following the completion of the sale, the director directly owned 16,215 shares of the company’s stock, valued at $1,253,581.65. This represents a 14.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Independent Bank

A number of hedge funds have recently added to or reduced their stakes in the stock. Glenmede Trust Co. NA lifted its position in Independent Bank by 3.6% during the 1st quarter. Glenmede Trust Co. NA now owns 23,731 shares of the bank’s stock worth $1,785,000 after acquiring an additional 826 shares during the period. Bank of America Corp DE lifted its position in Independent Bank by 16.6% during the 1st quarter. Bank of America Corp DE now owns 592,665 shares of the bank’s stock worth $44,574,000 after acquiring an additional 84,282 shares during the period. Amundi lifted its position in Independent Bank by 32.4% during the 1st quarter. Amundi now owns 9,890 shares of the bank’s stock worth $744,000 after acquiring an additional 2,419 shares during the period. EverSource Wealth Advisors LLC lifted its position in Independent Bank by 27.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 898 shares of the bank’s stock worth $68,000 after acquiring an additional 193 shares during the period. Finally, California State Teachers Retirement System lifted its position in Independent Bank by 18.5% during the 1st quarter. California State Teachers Retirement System now owns 56,613 shares of the bank’s stock worth $4,258,000 after acquiring an additional 8,837 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Trading Up 0.4%

NASDAQ:INDB opened at $82.40 on Wednesday. The stock has a 50-day simple moving average of $78.83 and a 200-day simple moving average of $77.92. The stock has a market cap of $3.98 billion, a P/E ratio of 16.35 and a beta of 0.77. Independent Bank has a 1 year low of $57.01 and a 1 year high of $87.00. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). The firm had revenue of $252.72 million during the quarter, compared to analyst estimates of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same period last year, the company earned $1.06 earnings per share. As a group, analysts anticipate that Independent Bank will post 7.33 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 30th were given a $0.64 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, March 30th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.1%. Independent Bank’s payout ratio is currently 50.79%.

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.