Independent Bank (NASDAQ:INDB) Coverage Initiated at Stephens

Stock analysts at Stephens assumed coverage on shares of Independent Bank (NASDAQ:INDB) in a report released on Wednesday, MarketBeat Ratings reports. The firm set an “overweight” rating and a $88.00 price target on the bank’s stock. Stephens’ price target would indicate a potential upside of 11.53% from the company’s current price.

Several other analysts also recently weighed in on INDB. Barclays boosted 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. Independent Research set a $80.00 target price on Independent Bank in a research note on Wednesday, December 17th. Piper Sandler began coverage on Independent Bank in a research note on Monday, March 16th. They set a “neutral” rating and a $84.00 price target for the company. Finally, Weiss Ratings raised shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 27th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $83.40.

Independent Bank Stock Up 0.6%

Shares of Independent Bank stock traded up $0.50 on Wednesday, reaching $78.91. 55,560 shares of the company were exchanged, compared to its average volume of 323,101. The stock’s 50 day moving average price is $78.70 and its 200-day moving average price is $74.95. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank has a 1-year low of $52.15 and a 1-year high of $87.00. The company has a market cap of $3.83 billion, a P/E ratio of 17.73 and a beta of 0.79.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data 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 firm had revenue of $252.72 million for the quarter, compared to analysts’ expectations of $251.45 million. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%.During the same period last year, the firm posted $1.06 earnings per share. As a group, equities analysts forecast that Independent Bank will post 5.41 EPS for the current year.

Insider Activity

In other news, Director John J. Morrissey sold 1,988 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $85.70, for a total value of $170,371.60. Following the sale, the director owned 12,747 shares in the company, valued at approximately $1,092,417.90. This represents a 13.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Donna L. Abelli sold 524 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total value of $44,540.00. Following the sale, the director owned 13,247 shares in the company, valued at $1,125,995. The trade was a 3.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Independent Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Salomon & Ludwin LLC raised its holdings in Independent Bank by 167.2% during the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after purchasing an additional 224 shares in the last quarter. First Horizon Corp acquired a new position in shares of Independent Bank during the 3rd quarter valued at $31,000. Advisory Services Network LLC bought a new stake in shares of Independent Bank in the 3rd quarter worth $32,000. Cullen Frost Bankers Inc. bought a new stake in shares of Independent Bank in the 3rd quarter worth $37,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Independent Bank by 233.3% in 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 period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

More Independent Bank News

Here are the key news stories impacting Independent Bank this week:

• Positive Sentiment: Stephens initiated coverage with an Overweight/buy-equivalent rating and set an $88 price target (about a low-double-digit upside vs. current levels), which adds institutional support and a clear upside thesis for the stock. Independent Bank initiated with buy-equivalent at Stephens
• Positive Sentiment: Analysts and retail coverage are highlighting INDB’s dividend appeal, which can attract income-focused buyers and support the share price over time. Independent Bank Corp. (INDB) is a Top Dividend Stock Right Now
• Neutral Sentiment: Revenue was essentially in line with expectations, so the topline didn’t surprise investors either direction. Independent Bank posts in-line earnings, stock dips slightly
• Neutral Sentiment: The company posted its press release and slide deck with quarter detail (ROE ~7.9%, net margin ~17.5%), useful for investors doing deeper model checks. INDB Q1 Press Release
• Negative Sentiment: EPS missed consensus by $0.02 (reported $1.68 vs. $1.70), which triggered short-term selling and is cited by several outlets as the reason for the intraday dip. INDB Q1 Slide Deck
• Negative Sentiment: Zacks and other outlets flagged the quarter as “lagging” estimates on a headline basis, reinforcing near-term downside pressure from investor disappointment. Independent Bank Corp. (INDB) Lags Q1 Earnings and Revenue Estimates

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.