Independent Bank (NASDAQ:INDB) Director Gerard Nadeau Sells 5,307 Shares

Independent Bank Corp. (NASDAQ:INDB) Director Gerard Nadeau sold 5,307 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the sale, the director owned 16,907 shares of the company’s stock, valued at $1,431,853.83. This trade represents a 23.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Independent Bank Trading Down 0.0%

NASDAQ INDB opened at $85.72 on Thursday. 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 business has a fifty day simple moving average of $83.03 and a 200 day simple moving average of $80.25. Independent Bank Corp. has a 12 month low of $62.73 and a 12 month high of $87.50. The firm has a market capitalization of $4.14 billion, a P/E ratio of 15.47 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) 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 firm had revenue of $253.32 million for the quarter, compared to analysts’ expectations of $257.50 million. On average, analysts predict that Independent Bank Corp. will post 7.11 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors 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 46.21%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Xponance LLC grew its stake in shares of Independent Bank by 3.6% during the fourth quarter. Xponance LLC now owns 3,981 shares of the bank’s stock valued at $291,000 after buying an additional 140 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake 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 valued at $52,000 after acquiring an additional 146 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted 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 valued at $607,000 after acquiring an additional 161 shares during the period. State of Alaska Department of Revenue boosted its holdings in Independent Bank by 0.7% during the 4th quarter. State of Alaska Department of Revenue now owns 27,006 shares of the bank’s stock valued at $1,973,000 after acquiring an additional 193 shares during the period. Finally, Osaic Holdings Inc. grew its position in Independent Bank by 23.3% during the 2nd quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock worth $70,000 after acquiring an additional 211 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on INDB shares. Stephens began coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price objective for the company. Weiss Ratings raised Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. Keefe, Bruyette & Woods decreased their price target on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Monday, July 20th. Raymond James Financial reiterated a “strong-buy” rating and set a $97.00 price target on shares of Independent Bank in a report on Friday, April 17th. Finally, Piper Sandler upped their price objective on Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $91.86.

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.