Independent Bank (NASDAQ:INDB) Rating Increased to Strong-Buy at Hovde Group

Hovde Group upgraded shares of Independent Bank (NASDAQ:INDB) to a strong-buy rating in a research report sent to investors on Friday,Zacks.com reports.

Several other brokerages also recently issued reports on INDB. Stephens assumed coverage on Independent Bank in a research note on Wednesday, April 15th. They set an “overweight” rating and a $88.00 target price on the stock. Raymond James Financial reissued a “strong-buy” rating and set a $97.00 target price on shares of Independent Bank in a research note on Friday, April 17th. Barclays lifted their target price on Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research note on Tuesday, April 7th. Piper Sandler assumed coverage on Independent Bank in a research note on Monday, March 16th. They set a “neutral” rating and a $84.00 target price on the stock. Finally, Independent Research set a $95.00 target price on Independent Bank in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $90.71.

Independent Bank Stock Down 1.1%

Shares of INDB opened at $76.04 on Friday. The business’s 50 day moving average is $77.00 and its 200 day moving average is $76.23. The company has a market capitalization of $3.67 billion, a PE ratio of 15.09 and a beta of 0.78. Independent Bank has a 12-month low of $57.01 and a 12-month high of $87.00. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.02). The business had revenue of $252.72 million for the quarter, compared to the consensus estimate of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same period last year, the business posted $1.06 EPS. Research analysts expect that Independent Bank will post 7.33 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 30th were paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Monday, March 30th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. Independent Bank’s dividend payout ratio is presently 50.79%.

Institutional Trading of Independent Bank

A number of large investors have recently added to or reduced their stakes in INDB. Salomon & Ludwin LLC increased its stake in Independent Bank by 167.2% in the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after acquiring an additional 224 shares during the last quarter. First Horizon Corp bought a new stake in Independent Bank in the 3rd quarter worth approximately $31,000. Advisory Services Network LLC bought a new stake in Independent Bank in the 3rd quarter worth approximately $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 worth $35,000 after acquiring an additional 385 shares during the last quarter. Finally, Cullen Frost Bankers Inc. bought a new stake in Independent Bank in the 3rd quarter worth approximately $37,000. 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.