Independent Bank (NASDAQ:INDB) Earns Neutral Rating from Analysts at Piper Sandler

Piper Sandler initiated coverage on shares of Independent Bank (NASDAQ:INDB) in a report issued on Monday morning, MarketBeat.com reports. The brokerage issued a neutral rating and a $84.00 target price on the bank’s stock.

A number of other research firms also recently issued reports on INDB. Barclays downgraded Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target on the stock. in a research note on Monday, February 2nd. Independent Research set a $80.00 price objective on Independent Bank in a research report on Wednesday, December 17th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Independent Bank has a consensus rating of “Hold” and a consensus price target of $81.75.

Independent Bank Stock Down 1.0%

INDB opened at $73.71 on Monday. The stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of 16.56 and a beta of 0.79. The firm has a 50 day moving average price of $79.45 and a 200-day moving average price of $74.07. Independent Bank has a twelve month low of $52.15 and a twelve month high of $87.00. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, January 22nd. The bank reported $1.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.05. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. The company had revenue of $253.93 million for the quarter, compared to analysts’ expectations of $249.64 million. Equities research analysts forecast that Independent Bank will post 5.41 earnings per share for the current year.

Insider Buying and Selling at Independent Bank

In other news, Director John J. Morrissey sold 1,988 shares of Independent Bank stock in a transaction on Friday, February 6th. The shares were sold at an average price of $85.70, for a total transaction of $170,371.60. Following the transaction, the director owned 12,747 shares in the company, valued at $1,092,417.90. This trade represents a 13.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Donna L. Abelli sold 524 shares of the company’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total value of $44,540.00. Following the completion of the sale, the director owned 13,247 shares of the company’s stock, valued at $1,125,995. This trade represents a 3.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.81% of the company’s stock.

Institutional Trading of Independent Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Salomon & Ludwin LLC raised its stake in shares of Independent Bank by 167.2% in the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after buying an additional 224 shares during the period. First Horizon Corp bought a new position in shares of Independent Bank during the 3rd quarter valued at approximately $31,000. Advisory Services Network LLC purchased a new stake in Independent Bank in the 3rd quarter worth approximately $32,000. Cullen Frost Bankers Inc. purchased a new stake in Independent Bank in the 3rd quarter worth approximately $37,000. Finally, EverSource Wealth Advisors LLC raised its stake in Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after acquiring an additional 385 shares during the period. Hedge funds and other 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.