Independent Bank (NASDAQ:INDB) Issues Quarterly Earnings Results, Hits Expectations

Key Points

• EPS $1.68 — met expectations: Independent Bank reported quarterly EPS of $1.68, matching the consensus estimate, with a net margin of 17.51% and a return on equity of 7.88%.
• Dividend raised: The bank increased its quarterly dividend to $0.64 (annualized $2.56), yielding about 3.3% and paid on April 9, with a payout ratio of 57.53%.
• Stock and analyst backdrop: Shares traded down to $78.41 on higher-than-average volume; the company has a $3.81B market cap and a P/E of 17.62, while analysts’ consensus is a "Hold" with an average price target of $83.40 amid some buy/overweight calls.

Independent Bank (NASDAQ:INDB - Get Free Report) issued its quarterly earnings results on Thursday. The bank reported $1.68 EPS for the quarter, hitting the consensus estimate of $1.68, FiscalAI reports. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%.

Independent Bank Stock Performance

Shares of NASDAQ INDB traded down $1.02 during midday trading on Thursday, hitting $78.41. 412,591 shares of the company's stock were exchanged, compared to its average volume of 324,946. Independent Bank has a twelve month low of $52.15 and a twelve month high of $87.00. The firm has a market cap of $3.81 billion, a P/E ratio of 17.62 and a beta of 0.79. The stock's 50 day moving average price is $78.84 and its 200-day moving average price is $74.93. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.3%. This is a boost from Independent Bank's previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, March 30th. Independent Bank's dividend payout ratio is presently 57.53%.

Insider Buying and Selling at Independent Bank

In related news, Director John J. Morrissey sold 1,988 shares of Independent Bank stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $85.70, for a total transaction of $170,371.60. Following the sale, the director directly owned 12,747 shares in the company, valued at $1,092,417.90. The trade was a 13.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Donna L. Abelli sold 524 shares of the company's stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total transaction of $44,540.00. Following the completion of the sale, the director directly owned 13,247 shares of the company's stock, valued at $1,125,995. The trade was a 3.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by insiders.

Institutional Trading of Independent Bank

A number of institutional investors have recently made changes to their positions in INDB. Advisory Services Network LLC acquired a new position in shares of Independent Bank in the 3rd quarter worth $32,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Independent Bank by 233.3% during the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank's stock valued at $35,000 after purchasing an additional 385 shares during the last quarter. Danske Bank A S acquired a new position in shares of Independent Bank in the 3rd quarter valued at $42,000. Kemnay Advisory Services Inc. acquired a new position in shares of Independent Bank in the 4th quarter valued at $48,000. Finally, Osaic Holdings Inc. increased its stake in Independent Bank by 23.3% in the 2nd quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank's stock worth $70,000 after purchasing an additional 211 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Independent Research set a $80.00 target price on shares of Independent Bank in a research note on Wednesday, December 17th. Barclays increased their price objective on shares of Independent Bank from $80.00 to $82.00 and gave the stock an "underweight" rating in a research note on Tuesday, April 7th. Weiss Ratings upgraded Independent Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, March 27th. Stephens assumed coverage on Independent Bank in a research report on Wednesday. They set an "overweight" rating and a $88.00 price target on the stock. Finally, Piper Sandler started coverage on Independent Bank in a report on Monday, March 16th. They issued a "neutral" rating and a $84.00 price target on the stock. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $83.40.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.