Independent Bank (NASDAQ:INDB) Price Target Lowered to $96.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods lowered its price target on Independent Bank from $99 to $96, while keeping an outperform rating. The new target still implies about 13.6% upside from the current price.
• Other analysts remain generally positive, with recent targets ranging from $88 to $97 and the consensus rating at Moderate Buy. MarketBeat says the average price target is $91.86.
• Independent Bank recently reported Q2 earnings of $1.70 per share, which missed estimates of $1.79, and revenue also came in slightly below expectations. The stock was trading at $84.51 on Monday, near its 52-week high of $87.50.

Independent Bank (NASDAQ:INDB - Get Free Report) had its price target decreased by equities researchers at Keefe, Bruyette & Woods from $99.00 to $96.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the bank's stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 13.60% from the stock's current price.

Other analysts also recently issued research reports about the stock. Piper Sandler lifted 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. Raymond James Financial restated a "strong-buy" rating and set a $97.00 price objective on shares of Independent Bank in a report on Friday, April 17th. Stephens started coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They issued an "overweight" rating and a $88.00 price objective on the stock. Independent Research set a $95.00 price objective on shares of Independent Bank in a report on Friday, May 15th. Finally, Hovde Group initiated coverage on shares of Independent Bank in a research report on Friday, May 15th. They set an "outperform" rating and a $95.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $91.86.

Independent Bank Price Performance

INDB stock opened at $84.51 on Monday. The stock's 50 day simple moving average is $81.15 and its 200 day simple moving average is $79.28. The company has a market cap of $4.08 billion, a P/E ratio of 15.25 and a beta of 0.77. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.93 and a current ratio of 0.93. Independent Bank has a fifty-two week low of $61.55 and a fifty-two week high of $87.50.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 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, research analysts expect that Independent Bank will post 7.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of the firm's stock in a transaction on Monday, May 18th. The stock was 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. This trade represents a 14.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.60% of the company's stock.

Institutional Trading of Independent Bank

Institutional investors have recently made changes to their positions in the company. Salomon & Ludwin LLC lifted its position in shares of Independent Bank by 167.2% during the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank's stock valued at $27,000 after purchasing an additional 224 shares in the last quarter. Ballast Advisors LLC bought a new stake in Independent Bank in the 1st quarter worth about $30,000. Advisory Services Network LLC bought a new stake in Independent Bank in the 3rd quarter worth about $32,000. EverSource Wealth Advisors LLC increased its stake in Independent Bank by 233.3% in the 2nd 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 last quarter. Finally, Danske Bank A S purchased a new stake in Independent Bank in the 3rd quarter valued at about $42,000. Institutional investors 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.

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.