Independent Bank Corp. (NASDAQ:INDB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Independent Bank Corp. (NASDAQ:INDB) has been given a consensus recommendation of “Moderate Buy” by the eight research firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $91.5714.

Several analysts recently commented on INDB shares. Barclays upped their target price on Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a report on Tuesday, April 7th. Stephens began coverage on Independent Bank in a report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price for the company. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a research report on Monday, April 20th. Hovde Group started coverage on shares of Independent Bank in a research note on Friday, May 15th. They set an “outperform” rating and a $95.00 target price on the stock. Finally, Independent Research set a $95.00 price target on shares of Independent Bank in a research note on Friday, May 15th.

Independent Bank Price Performance

Shares of Independent Bank stock remained flat at $84.18 during trading on Friday. 281,467 shares of the company traded hands, compared to its average volume of 403,529. The stock has a market capitalization of $4.07 billion, a PE ratio of 16.70 and a beta of 0.77. Independent Bank has a one year low of $61.55 and a one year high of $87.00. The firm’s 50 day moving average is $79.91 and its 200-day moving average is $78.71. 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 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 return on equity of 8.66% and a net margin of 19.14%.The company had revenue of $252.72 million for the quarter, compared to the consensus estimate of $251.45 million. During the same period in the prior year, the business earned $1.06 earnings per share. On average, equities analysts predict that Independent Bank will post 7.28 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Monday, June 29th will be paid a $0.64 dividend. The ex-dividend date is Monday, June 29th. This represents a $2.56 annualized dividend and a dividend yield of 3.0%. Independent Bank’s dividend payout ratio (DPR) is currently 50.79%.

Insider Buying and Selling

In related news, Director Joseph C. Lerner sold 2,832 shares of the business’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $77.31, for a total value of $218,941.92. Following the completion of the sale, the director directly owned 16,215 shares of the company’s stock, valued at $1,253,581.65. The trade was a 14.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently modified their holdings of INDB. Salomon & Ludwin LLC increased its stake in Independent Bank by 167.2% during the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after purchasing an additional 224 shares in the last quarter. Ballast Advisors LLC bought a new position in shares of Independent Bank in the first quarter valued at approximately $30,000. Advisory Services Network LLC purchased a new position in shares of Independent Bank during the third quarter valued at approximately $32,000. EverSource Wealth Advisors LLC boosted its position in shares of Independent Bank by 233.3% during the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after buying an additional 385 shares during the last quarter. Finally, Danske Bank A S bought a new stake in Independent Bank during the third quarter worth $42,000. 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.