Independent Bank (NASDAQ:INDB) Stock Price Crosses Above 200 Day Moving Average – What’s Next?

Independent Bank Corp. (NASDAQ:INDB) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $76.23 and traded as high as $77.57. Independent Bank shares last traded at $76.92, with a volume of 278,930 shares.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on INDB shares. Hovde Group started coverage on shares of Independent Bank in a research note on Friday. They issued an “outperform” rating and a $95.00 target price for the company. Independent Research set a $95.00 target price on shares of Independent Bank in a research note on Friday. Stephens started coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price for the company. Piper Sandler started coverage on shares of Independent Bank in a research note on Monday, March 16th. They issued a “neutral” rating and a $84.00 target price for the company. Finally, Weiss Ratings raised shares of Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $90.71.

Independent Bank Stock Down 1.1%

The firm has a fifty day simple moving average of $77.00 and a 200-day simple moving average of $76.23. The firm has a market cap of $3.67 billion, a price-to-earnings ratio of 15.09 and a beta of 0.78. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94.

Independent Bank (NASDAQ:INDB) last announced its quarterly 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). Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. The business had revenue of $252.72 million for the quarter, compared to analyst estimates of $251.45 million. During the same period in the prior year, the business earned $1.06 EPS. As a group, sell-side analysts expect that Independent Bank Corp. will post 7.33 EPS for the current year.

Independent Bank Increases Dividend

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

Institutional Investors Weigh In On Independent Bank

Several hedge funds have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. lifted its holdings in Independent Bank by 1.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank’s stock valued at $930,000 after purchasing an additional 134 shares during the last quarter. Xponance LLC lifted its holdings in shares of Independent Bank by 3.6% during the fourth quarter. Xponance LLC now owns 3,981 shares of the bank’s stock worth $291,000 after buying an additional 140 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Independent Bank by 26.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock worth $52,000 after buying an additional 146 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Independent Bank by 2.0% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank’s stock worth $607,000 after buying an additional 161 shares in the last quarter. Finally, Profund Advisors LLC lifted its holdings in shares of Independent Bank by 5.0% during the third quarter. Profund Advisors LLC now owns 3,732 shares of the bank’s stock worth $258,000 after buying an additional 177 shares in 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.