Independent Bank Corp. (NASDAQ:INDB) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Key Points

• Analyst consensus: Seven analysts give INDB an average rating of "Moderate Buy" (1 sell, 2 holds, 3 buys, 1 strong buy) with a 1‑year average price target of $87.50 and individual targets up to $97 (Raymond James).
• Company and shareholder moves: Independent Bank raised its quarterly dividend to $0.64 (annualized $2.56, ~3.2% yield) after reporting Q1 EPS of $1.68 (missed by $0.02) and $252.7M revenue; company insiders recently sold shares and now own 1.6% of the stock.

Shares of Independent Bank Corp. (NASDAQ:INDB - Get Free Report) have earned an average rating of "Moderate Buy" from the seven analysts that are covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $87.50.

Several equities research analysts recently issued reports on the stock. Raymond James Financial reissued a "strong-buy" rating and issued a $97.00 target price on shares of Independent Bank in a research report on Friday. Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $96.00 to $94.00 and set an "outperform" rating on the stock in a research report on Monday. Barclays raised their target price on shares of Independent Bank from $80.00 to $82.00 and gave the stock an "underweight" rating in a research report on Tuesday, April 7th. Weiss Ratings raised shares of Independent Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, March 27th. Finally, Piper Sandler assumed coverage on shares of Independent Bank in a research report on Monday, March 16th. They issued a "neutral" rating and a $84.00 target price on the stock.

Insider Activity at Independent Bank

In related news, Director Donna L. Abelli sold 524 shares of the firm's stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total value of $44,540.00. Following the transaction, the director owned 13,247 shares in the company, valued at approximately $1,125,995. This trade represents a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John J. Morrissey sold 1,988 shares of the firm's stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $85.70, for a total transaction of $170,371.60. Following the completion of the transaction, the director owned 12,747 shares in the company, valued at $1,092,417.90. The trade was a 13.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.60% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Salomon & Ludwin LLC raised its holdings in Independent Bank by 167.2% in the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank's stock valued at $27,000 after buying an additional 224 shares during the period. First Horizon Corp purchased a new position in Independent Bank in the third quarter valued at approximately $31,000. Advisory Services Network LLC purchased a new position in Independent Bank in the third quarter valued at approximately $32,000. EverSource Wealth Advisors LLC raised its holdings in Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank's stock valued at $35,000 after buying an additional 385 shares during the period. Finally, Cullen Frost Bankers Inc. purchased a new position in Independent Bank in the third quarter valued at approximately $37,000. Hedge funds and other institutional investors own 83.40% of the company's stock.

Independent Bank Price Performance

INDB opened at $79.23 on Tuesday. The company's 50 day simple moving average is $78.42 and its 200 day simple moving average is $75.17. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 0.93. Independent Bank has a 1 year low of $52.15 and a 1 year high of $87.00. The stock has a market capitalization of $3.85 billion, a PE ratio of 15.72 and a beta of 0.79.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The company had revenue of $252.72 million during the quarter, compared to analyst estimates of $251.45 million. During the same period in the prior year, the business posted $1.06 earnings per share. As a group, sell-side analysts expect that Independent Bank will post 7.33 EPS for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 30th were given a $0.64 dividend. This is a boost from Independent Bank's previous quarterly dividend of $0.59. This represents a $2.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, March 30th. Independent Bank's dividend payout ratio is 50.79%.

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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