Independent Bank (NASDAQ:INDB) Reaches New 12-Month High – Here’s Why

Independent Bank Corp. (NASDAQ:INDB) shares hit a new 52-week high during trading on Thursday . The company traded as high as $87.01 and last traded at $87.1150, with a volume of 58173 shares. The stock had previously closed at $85.20.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on INDB. Piper Sandler upped their price objective on Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Barclays raised their target price on Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 7th. Raymond James Financial reiterated a “strong-buy” rating and issued a $97.00 price target on shares of Independent Bank in a research report on Friday, April 17th. Keefe, Bruyette & Woods dropped their price objective on Independent Bank from $96.00 to $94.00 and set an “outperform” rating for the company in a research note on Monday, April 20th. Finally, Independent Research set a $95.00 price objective on Independent Bank in a report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $91.57.

Independent Bank Trading Up 2.6%

The company’s 50-day moving average is $80.85 and its 200-day moving average is $79.13. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of 17.35 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share 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 company had revenue of $252.72 million during the quarter, compared to analyst estimates of $251.45 million. During the same quarter in the previous year, the business posted $1.06 EPS. On average, research analysts predict that Independent Bank Corp. will post 7.28 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were given a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 2.9%. The ex-dividend date was Monday, June 29th. Independent Bank’s payout ratio is 50.79%.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $77.31, for a total value of $218,941.92. Following the transaction, the director directly owned 16,215 shares in the company, valued at approximately $1,253,581.65. This trade represents a 14.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Independent Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in INDB. Harbor Capital Advisors Inc. increased 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 worth $930,000 after purchasing an additional 134 shares in the last quarter. Xponance LLC boosted its position 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 during the period. EverSource Wealth Advisors LLC boosted its position 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 during the period. Vanguard Personalized Indexing Management LLC grew 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, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Independent Bank by 0.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,246 shares of the bank’s stock worth $1,821,000 after buying an additional 177 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

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.