Independent Bank (NASDAQ:INDB) Director Sells $311,250.00 in Stock

Key Points

• Director Thomas Venables sold 3,750 Independent Bank shares at an average price of $83, generating $311,250 and reducing his position by 17.52% to 17,649 shares.
• Independent Bank shares fell 0.5% to $82.78, while the bank’s latest quarterly results missed analyst expectations, reporting $1.70 in EPS versus the $1.79 consensus and revenue of $253.32 million versus $257.50 million expected.
• The company pays a quarterly dividend of $0.64 per share, equivalent to a 3.1% annual yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $91.86.

Independent Bank Corp. (NASDAQ:INDB - Get Free Report) Director Thomas Venables sold 3,750 shares of the firm's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the transaction, the director owned 17,649 shares in the company, valued at approximately $1,464,867. This represents a 17.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Independent Bank Stock Down 0.5%

NASDAQ:INDB traded down $0.41 during mid-day trading on Wednesday, reaching $82.78. The company's stock had a trading volume of 235,476 shares, compared to its average volume of 352,099. Independent Bank Corp. has a 1 year low of $63.33 and a 1 year high of $87.50. The stock has a fifty day moving average of $84.25 and a 200-day moving average of $80.70. The firm has a market capitalization of $3.92 billion, a PE ratio of 14.94 and a beta of 0.78. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.79 by ($0.09). Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.The business had revenue of $253.32 million for the quarter, compared to the consensus estimate of $257.50 million. Equities research analysts forecast that Independent Bank Corp. will post 7.11 earnings per share for the current year.

Independent Bank Dividend Announcement

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

Institutional Investors Weigh In On Independent Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Independent Bank in the second quarter worth $584,333,000. California State Teachers Retirement System lifted its holdings in shares of Independent Bank by 8,030.5% during the 2nd quarter. California State Teachers Retirement System now owns 4,602,926 shares of the bank's stock valued at $385,357,000 after purchasing an additional 4,546,313 shares during the last quarter. Norges Bank purchased a new stake in shares of Independent Bank during the 4th quarter valued at $46,117,000. Alliancebernstein L.P. boosted its position in shares of Independent Bank by 57.9% in the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank's stock worth $107,102,000 after purchasing an additional 624,833 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Independent Bank in the 2nd quarter worth $44,640,000. Hedge funds and other institutional investors own 83.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Hovde Group assumed coverage on Independent Bank in a report on Friday, May 15th. They set an "outperform" rating and a $95.00 target price for the company. Keefe, Bruyette & Woods cut their price target on Independent Bank from $99.00 to $96.00 and set an "outperform" rating on the stock in a report on Monday, July 20th. Weiss Ratings reissued a "buy (b)" rating on shares of Independent Bank in a research report on Wednesday, August 5th. Independent Research set a $95.00 price objective on Independent Bank in a research note on Friday, May 15th. Finally, Piper Sandler raised their price objective on Independent Bank from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Independent Bank presently has a consensus rating of "Moderate Buy" and a consensus price target of $91.86.

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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