Independent Bank Corp. (NASDAQ:INDB) Receives $91.86 Consensus Target Price from Brokerages

Independent Bank Corp. (NASDAQ:INDB) has been given an average rating of “Moderate Buy” by the eight brokerages that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $91.8571.

A number of research firms recently weighed in on INDB. Stephens assumed coverage on shares of Independent Bank in a report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price target for the company. Piper Sandler boosted their price objective on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Independent Research set a $95.00 price objective on shares of Independent Bank in a research report on Friday, May 15th. Hovde Group started coverage on Independent Bank in a research note on Friday, May 15th. They set an “outperform” rating and a $95.00 target price for the company. Finally, Weiss Ratings raised Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 8th.

Insider Activity at Independent Bank

In other news, Director Joseph C. Lerner sold 2,832 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gerard F. Nadeau sold 5,307 shares of Independent Bank stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total transaction of $449,449.83. Following the completion of the sale, the director owned 16,907 shares of the company’s stock, valued at approximately $1,431,853.83. This trade represents a 23.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Independent Bank

Institutional investors and hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. lifted its holdings in shares of Independent Bank by 1.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank’s stock valued at $930,000 after purchasing an additional 134 shares during the last quarter. Xponance LLC increased its stake in Independent Bank by 3.6% in the 4th quarter. Xponance LLC now owns 3,981 shares of the bank’s stock worth $291,000 after purchasing an additional 140 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Independent Bank by 26.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock worth $52,000 after buying an additional 146 shares during the period. Vanguard Personalized Indexing Management LLC raised its holdings in Independent Bank by 2.0% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank’s stock worth $607,000 after buying an additional 161 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Independent Bank by 0.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,246 shares of the bank’s stock valued at $1,821,000 after buying an additional 177 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Performance

Shares of NASDAQ:INDB opened at $85.72 on Thursday. The business’s 50-day simple moving average is $83.03 and its 200 day simple moving average is $80.25. The company has a market cap of $4.14 billion, a P/E ratio of 15.47 and a beta of 0.78. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.93 and a current ratio of 0.93. Independent Bank has a one year low of $62.73 and a one year high of $87.50.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $257.50 million. On average, sell-side analysts forecast that Independent Bank will post 7.11 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

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

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.