Keefe, Bruyette & Woods Cuts Independent Bank (NASDAQ:INDB) Price Target to $96.00

Independent Bank (NASDAQ:INDB) had its target price trimmed by Keefe, Bruyette & Woods from $99.00 to $96.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has an outperform rating on the bank’s stock.

A number of other equities analysts have also weighed in on the stock. Weiss Ratings upgraded shares of Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. Barclays upped their price objective on Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a report on Tuesday, April 7th. Piper Sandler increased their target price on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Raymond James Financial reiterated a “strong-buy” rating and issued a $97.00 target price on shares of Independent Bank in a report on Friday, April 17th. Finally, Stephens began coverage on Independent Bank in a research report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Independent Bank currently has an average rating of “Moderate Buy” and an average price target of $91.86.

Independent Bank Stock Up 0.2%

Shares of NASDAQ:INDB opened at $85.29 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.14. The firm has a market cap of $4.12 billion, a price-to-earnings ratio of 15.40 and a beta of 0.77. The stock’s 50-day moving average price is $81.66 and its two-hundred day moving average price is $79.53. Independent Bank has a 12-month low of $61.55 and a 12-month high of $87.50.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.79 by ($0.09). Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.The company had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. On average, research analysts forecast that Independent Bank will post 7.19 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Monday, June 29th were paid a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 3.0%. The ex-dividend date was Monday, June 29th. Independent Bank’s payout ratio is currently 46.21%.

Insider Activity

In other news, Director Joseph C. Lerner sold 2,832 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $77.31, for a total value of $218,941.92. Following the transaction, the director owned 16,215 shares of the company’s stock, valued at approximately $1,253,581.65. This trade represents a 14.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.60% of the stock is owned by insiders.

Institutional Trading of Independent Bank

Institutional investors have recently added to or reduced their stakes in the business. Salomon & Ludwin LLC raised its position in 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 purchasing an additional 224 shares during the period. Ballast Advisors LLC purchased a new stake in shares of Independent Bank in the first quarter worth about $30,000. Advisory Services Network LLC purchased a new stake in shares of Independent Bank in the third quarter worth about $32,000. EverSource Wealth Advisors LLC grew its stake in shares of Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after buying an additional 385 shares in the last quarter. Finally, Danske Bank A S acquired a new stake in shares of Independent Bank in the third quarter valued at about $42,000. 83.40% of the stock is owned by hedge funds and other 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.