Independent Bank (NASDAQ:INDB) Reaches New 52-Week High – What’s Next?

Independent Bank Corp. (NASDAQ:INDB) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $78.17 and last traded at $77.7860, with a volume of 23885 shares trading hands. The stock had previously closed at $77.40.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Barclays assumed coverage on Independent Bank in a research report on Wednesday, December 17th. They set an “equal weight” rating and a $80.00 price target for the company. Independent Research set a $80.00 price objective on Independent Bank in a research note on Wednesday, December 17th. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $80.00 to $83.00 in a research report on Tuesday, October 21st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $76.80.

Independent Bank Trading Down 0.1%

The company has a market cap of $3.75 billion, a price-to-earnings ratio of 18.42 and a beta of 0.81. The firm has a 50-day moving average price of $71.15 and a 200 day moving average price of $68.62. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Wednesday, February 12th. The bank reported $1.01 EPS for the quarter. The company had revenue of $175.25 million during the quarter. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%. As a group, sell-side analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Monday, December 29th. Independent Bank’s payout ratio is presently 57.42%.

Insider Buying and Selling at Independent Bank

In related news, Director Thomas R. Venables sold 405 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $73.93, for a total value of $29,941.65. Following the completion of the transaction, the director directly owned 20,557 shares of the company’s stock, valued at $1,519,779.01. This represents a 1.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ken S. Ansin sold 53,000 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $69.06, for a total value of $3,660,180.00. Following the completion of the sale, the director owned 53,738 shares in the company, valued at approximately $3,711,146.28. This represents a 49.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 200,405 shares of company stock worth $13,971,482. 0.81% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC grew its position in Independent Bank by 1.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock valued at $680,000 after buying an additional 162 shares in the last quarter. Profund Advisors LLC lifted its stake in shares of Independent Bank by 5.0% in the 3rd quarter. Profund Advisors LLC now owns 3,732 shares of the bank’s stock worth $258,000 after acquiring an additional 177 shares during the period. Osaic Holdings Inc. lifted its stake in shares of 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 acquiring an additional 211 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Independent Bank by 2.9% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock valued at $495,000 after acquiring an additional 218 shares in the last quarter. Finally, California State Teachers Retirement System increased its stake in shares of Independent Bank by 0.6% during the second quarter. California State Teachers Retirement System now owns 39,289 shares of the bank’s stock valued at $2,471,000 after acquiring an additional 224 shares during the period. Institutional investors own 83.40% of the company’s stock.

About Independent Bank

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.