Independent Bank Corp. (NASDAQ:INDB) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Independent Bank received a consensus “Moderate Buy” rating from seven analysts, with an average 12-month price target of $91.86 versus the reported share price of $83.91.
• The bank’s latest quarterly results fell short of expectations, with EPS of $1.70 versus the $1.79 consensus estimate and revenue of $253.32 million compared with estimates of $257.50 million.
• Independent Bank declared a quarterly dividend of $0.64, equivalent to $2.56 annually and a 3.1% yield; institutional investors own 83.4% of the company.

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the seven brokerages that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $91.8571.

Several equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods lowered their price target on Independent Bank from $99.00 to $96.00 and set an "outperform" rating on the stock in a research report on Monday, July 20th. Independent Research set a $95.00 price objective on Independent Bank in a research report on Friday, May 15th. Hovde Group assumed 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. Piper Sandler raised their target price on Independent Bank from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Independent Bank in a report on Wednesday, August 5th.

Independent Bank Stock Performance

Shares of Independent Bank stock traded up $0.18 on Monday, reaching $83.91. The stock had a trading volume of 16,483 shares, compared to its average volume of 350,897. The business's 50-day moving average price is $84.20 and its two-hundred day moving average price is $80.72. 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 has a fifty-two week low of $63.33 and a fifty-two week high of $87.50. The stock has a market cap of $3.97 billion, a P/E ratio of 15.18 and a beta of 0.78.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted 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 firm had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. On average, sell-side analysts forecast that Independent Bank will post 7.11 EPS for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were paid a $0.64 dividend. The ex-dividend date was Monday, June 29th. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. Independent Bank's dividend payout ratio (DPR) is presently 46.21%.

Insider Transactions at Independent Bank

In related news, Director Gerard F. Nadeau sold 5,307 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total transaction of $449,449.83. Following the transaction, the director owned 16,907 shares of the company's stock, valued at approximately $1,431,853.83. The trade was a 23.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.60% of the company's stock.

Institutional Trading of Independent Bank

Several hedge funds and other institutional investors have recently bought and sold shares of INDB. Ballast Advisors LLC bought a new position in shares of Independent Bank during the 1st quarter worth about $30,000. Advisory Services Network LLC bought a new stake in shares of Independent Bank in the third quarter valued at about $32,000. EverSource Wealth Advisors LLC grew its position in Independent Bank by 233.3% during the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank's stock worth $35,000 after buying an additional 385 shares in the last quarter. Danske Bank A S acquired a new stake in Independent Bank during the third quarter worth about $42,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Independent Bank during the second quarter worth about $48,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

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.

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