Independent Bank (NASDAQ:INDB) Director Thomas Venables Sells 3,750 Shares of Stock

Independent Bank Corp. (NASDAQ:INDB) Director Thomas Venables sold 3,750 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total transaction of $311,250.00. Following the sale, the director directly owned 17,649 shares in the company, valued at $1,464,867. This trade represents a 17.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Independent Bank Stock Performance

INDB stock opened at $82.78 on Thursday. The stock’s fifty day moving average is $84.28 and its two-hundred day moving average is $80.68. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 14.94 and a beta of 0.78. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. Independent Bank Corp. has a 1 year low of $63.33 and a 1 year high of $87.50.

Independent Bank (NASDAQ:INDB) last announced its earnings results 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). The company had revenue of $253.32 million during the quarter, compared to the consensus estimate of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. On average, research analysts predict that Independent Bank Corp. will post 7.11 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.1%. Independent Bank’s payout ratio is 46.21%.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Piper Sandler boosted their price target on shares of Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Hovde Group began coverage on Independent Bank in a report on Friday, May 15th. They set an “outperform” rating and a $95.00 price objective for the company. Independent Research set a $95.00 price objective on Independent Bank in a research report on Friday, May 15th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.86.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Independent Bank in the second quarter worth about $584,333,000. California State Teachers Retirement System lifted its holdings in Independent Bank by 8,030.5% in the 2nd quarter. California State Teachers Retirement System now owns 4,602,926 shares of the bank’s stock worth $385,357,000 after buying an additional 4,546,313 shares during the period. Norges Bank bought a new stake in shares of Independent Bank during the 4th quarter valued at $46,117,000. Alliancebernstein L.P. raised its holdings in Independent Bank by 57.9% in the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after buying an additional 624,833 shares during the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Independent Bank during the second quarter valued at $44,640,000. 83.40% of the stock is currently 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.