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

Key Points

• Independent Bank has a “Moderate Buy” consensus from eight analysts, with four buys, one strong buy, two holds and one sell. The average 12-month price target is $91.86, above the reported share price of $85.05.
• The bank’s latest quarterly results fell short of expectations: earnings per share were $1.70 versus the $1.79 consensus, while revenue reached $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 3.0% 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 eight research firms that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $91.8571.

Several equities analysts have recently weighed in on INDB shares. Weiss Ratings upgraded Independent Bank from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 8th. Hovde Group started coverage on Independent Bank in a research note on Friday, May 15th. They issued an "outperform" rating and a $95.00 price objective for the company. Raymond James Financial restated a "strong-buy" rating and issued a $97.00 price objective on shares of Independent Bank in a report on Friday, April 17th. Keefe, Bruyette & Woods lowered 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. Finally, Piper Sandler lifted their target price on shares of Independent Bank from $84.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th.

Independent Bank Price Performance

Shares of INDB stock traded up $0.13 on Thursday, reaching $85.05. 34,178 shares of the company were exchanged, compared to its average volume of 356,392. Independent Bank has a 1 year low of $61.55 and a 1 year high of $87.50. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.93 and a current ratio of 0.93. The business has a 50-day moving average price of $82.44 and a 200 day moving average price of $79.90. The company has a market cap of $4.11 billion, a price-to-earnings ratio of 15.36 and a beta of 0.77.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued 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 net margin of 20.31% and a return on equity of 9.19%. The company had revenue of $253.32 million during the quarter, compared to analysts' expectations of $257.50 million. Equities research analysts forecast that Independent Bank will post 7.11 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were paid a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank's dividend payout ratio (DPR) is currently 46.21%.

Insiders Place Their Bets

In related news, Director Joseph C. Lerner sold 2,832 shares of the business's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $77.31, for a total transaction of $218,941.92. Following the transaction, the director directly owned 16,215 shares in the company, valued at approximately $1,253,581.65. The trade was a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.60% of the company's stock.

Institutional Trading of Independent Bank

A number of hedge funds have recently bought and sold shares of the business. Revolve Wealth Partners LLC acquired a new position in shares of Independent Bank during the 2nd quarter worth approximately $221,000. Reinhart Partners LLC. increased its holdings in shares of Independent Bank by 1.3% in the second quarter. Reinhart Partners LLC. now owns 657,871 shares of the bank's stock valued at $55,078,000 after purchasing an additional 8,575 shares during the last quarter. 55 North Private Wealth LLC acquired a new stake in shares of Independent Bank in the second quarter valued at approximately $230,000. Ballast Advisors LLC purchased a new position in Independent Bank during the first quarter worth approximately $30,000. Finally, Glenmede Trust Co. NA lifted its position in Independent Bank by 3.6% during the first quarter. Glenmede Trust Co. NA now owns 23,731 shares of the bank's stock worth $1,785,000 after buying an additional 826 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

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.

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