Independent Bank (NASDAQ:INDB) Director Sells $449,449.83 in Stock

Independent Bank Corp. (NASDAQ:INDB) Director Gerard Nadeau sold 5,307 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the transaction, the director directly owned 16,907 shares in the company, valued at $1,431,853.83. This trade represents a 23.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Independent Bank Trading Down 0.0%

Independent Bank stock traded down $0.03 during mid-day trading on Wednesday, hitting $85.72. The stock had a trading volume of 207,953 shares, compared to its average volume of 359,425. The stock has a 50-day simple moving average of $82.89 and a two-hundred day simple moving average of $80.18. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $4.14 billion, a PE ratio of 15.47 and a beta of 0.78. Independent Bank Corp. has a 12 month low of $62.73 and a 12 month high of $87.50.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The business had revenue of $253.32 million for the quarter, compared to analyst estimates of $257.50 million. As a group, sell-side analysts forecast that Independent Bank Corp. will post 7.11 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Monday, June 29th were given a dividend of $0.64 per share. The ex-dividend date was Monday, June 29th. This represents a $2.56 annualized dividend and a dividend yield of 3.0%. Independent Bank’s payout ratio is presently 46.21%.

Institutional Trading of Independent Bank

A number of large investors have recently bought and sold shares of INDB. Revolve Wealth Partners LLC acquired a new stake in Independent Bank during the 2nd quarter worth approximately $221,000. Reinhart Partners LLC. boosted its holdings in shares of Independent Bank by 1.3% in the second quarter. Reinhart Partners LLC. now owns 657,871 shares of the bank’s stock valued at $55,078,000 after buying an additional 8,575 shares during the period. 55 North Private Wealth LLC acquired a new position in shares of Independent Bank in the second quarter valued at approximately $230,000. Ballast Advisors LLC bought a new stake in shares of Independent Bank during the first quarter worth $30,000. Finally, Glenmede Trust Co. NA increased its position in shares of Independent Bank by 3.6% during the first quarter. Glenmede Trust Co. NA now owns 23,731 shares of the bank’s stock worth $1,785,000 after acquiring an additional 826 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on INDB shares. Independent Research set a $95.00 price objective on Independent Bank in a report on Friday, May 15th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $97.00 price target on shares of Independent Bank in a research note on Friday, April 17th. 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. Hovde Group assumed coverage on shares of Independent Bank in a report on Friday, May 15th. They set an “outperform” rating and a $95.00 price objective for the company. Finally, Piper Sandler increased their target price on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Independent Bank has a consensus rating of “Moderate Buy” and an average target price of $91.86.

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.