Independent Bank (NASDAQ:INDB) Reaches New 12-Month High – Should You Buy?

Independent Bank Corp. (NASDAQ:INDB)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $80.98 and last traded at $79.6250, with a volume of 61098 shares. The stock had previously closed at $79.55.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on INDB shares. Independent Research set a $80.00 target price on Independent Bank in a research report on Wednesday, December 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Barclays began coverage on shares of Independent Bank in a report on Wednesday, December 17th. They issued an “equal weight” rating and a $80.00 target price for the company. Finally, Keefe, Bruyette & Woods upgraded shares of Independent Bank from a “market perform” rating to an “outperform” rating and upped their price target for the company from $80.00 to $83.00 in a research report on Tuesday, October 21st. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Independent Bank presently has a consensus rating of “Hold” and an average target price of $76.50.

Independent Bank Price Performance

The stock has a market capitalization of $3.94 billion, a PE ratio of 17.84 and a beta of 0.79. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock’s 50-day moving average is $74.93 and its 200 day moving average is $70.65.

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, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $249.64 million. As a group, equities analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Monday, December 29th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, December 29th. Independent Bank’s payout ratio is currently 53.03%.

Insider Activity at Independent Bank

In related news, Director Ken S. Ansin sold 53,000 shares of the stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $69.06, for a total value of $3,660,180.00. Following the transaction, the director owned 53,738 shares in the company, valued at approximately $3,711,146.28. This represents a 49.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Thomas R. Venables sold 405 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $73.93, for a total transaction of $29,941.65. Following the completion of the sale, the director directly owned 20,557 shares of the company’s stock, valued at $1,519,779.01. This represents a 1.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 200,405 shares of company stock valued at $13,971,482. 0.81% of the stock is owned by corporate insiders.

Institutional Trading of Independent Bank

Large investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its holdings in Independent Bank by 10.6% in the 1st quarter. Royal Bank of Canada now owns 12,451 shares of the bank’s stock worth $779,000 after purchasing an additional 1,189 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Independent Bank by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank’s stock worth $1,583,000 after buying an additional 1,112 shares during the period. Goldman Sachs Group Inc. grew its stake in Independent Bank by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock valued at $37,584,000 after buying an additional 11,714 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Independent Bank by 8.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank’s stock worth $6,623,000 after acquiring an additional 8,435 shares during the period. Finally, Jane Street Group LLC lifted its position in Independent Bank by 1,222.7% during the 1st quarter. Jane Street Group LLC now owns 74,057 shares of the bank’s stock worth $4,640,000 after acquiring an additional 68,458 shares during the last quarter. 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.