Keefe, Bruyette & Woods Issues Pessimistic Forecast for Independent Bank (NASDAQ:INDB) Stock Price

Key Points

• Keefe, Bruyette & Woods lowered its target on Independent Bank from $96 to $94 but kept an "outperform" rating, a level that implies roughly a 20.6% upside from the prior close; MarketBeat shows an average analyst rating of "Moderate Buy" with a $87.50 average price target.
• Independent Bank reported Q1 EPS of $1.68, missing estimates by $0.02 while revenue of $252.72 million slightly beat consensus, and the stock trades around $77.95 (PE 15.47) well below its 52-week high of $87.00.
• Company insiders (including two directors) recently sold shares—reducing their stakes to 1.60% ownership—while institutional investors hold a majority stake at about 83.4%.

Independent Bank (NASDAQ:INDB - Get Free Report) had its target price lowered by analysts at Keefe, Bruyette & Woods from $96.00 to $94.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the bank's stock. Keefe, Bruyette & Woods' target price suggests a potential upside of 20.59% from the stock's previous close.

Several other research analysts have also recently commented on INDB. Raymond James Financial restated a "strong-buy" rating and set a $97.00 target price on shares of Independent Bank in a report on Friday. Weiss Ratings upgraded shares of Independent Bank from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, March 27th. Stephens began coverage on shares of Independent Bank in a report on Wednesday. They set an "overweight" rating and a $88.00 target price for the company. Piper Sandler began coverage on shares of Independent Bank in a report on Monday, March 16th. They set a "neutral" rating and a $84.00 target price for the company. Finally, Barclays increased their target price on shares of Independent Bank from $80.00 to $82.00 and gave the stock an "underweight" rating in a report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $87.50.

Independent Bank Price Performance

NASDAQ:INDB opened at $77.95 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market cap of $3.79 billion, a PE ratio of 15.47 and a beta of 0.79. Independent Bank has a 52-week low of $52.15 and a 52-week high of $87.00. The stock has a 50-day simple moving average of $78.54 and a 200 day simple moving average of $75.09.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing analysts' consensus estimates of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The firm had revenue of $252.72 million for the quarter, compared to analyst estimates of $251.45 million. During the same period last year, the company earned $1.06 EPS. On average, sell-side analysts expect that Independent Bank will post 5.41 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Independent Bank

A number of large investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. lifted its stake in Independent Bank by 1.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank's stock valued at $930,000 after acquiring an additional 134 shares during the last quarter. Xponance LLC lifted its stake in Independent Bank by 3.6% in the fourth quarter. Xponance LLC now owns 3,981 shares of the bank's stock valued at $291,000 after acquiring an additional 140 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Independent Bank by 26.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank's stock valued at $52,000 after acquiring an additional 146 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in Independent Bank by 2.0% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank's stock valued at $607,000 after acquiring an additional 161 shares during the last quarter. Finally, Profund Advisors LLC lifted its stake in Independent Bank by 5.0% in the third quarter. Profund Advisors LLC now owns 3,732 shares of the bank's stock valued at $258,000 after acquiring an additional 177 shares during 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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