Independent Bank (NASDAQ:INDB) Releases Quarterly Earnings Results, Misses Expectations By $0.09 EPS

Independent Bank (NASDAQ:INDB) issued its quarterly earnings results on Thursday. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09), FiscalAI reports. Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The business had revenue of $253.32 million for the quarter, compared to the consensus estimate of $258.42 million.

Independent Bank Stock Up 2.3%

Shares of INDB stock traded up $1.97 during mid-day trading on Thursday, hitting $87.17. 637,728 shares of the stock traded hands, compared to its average volume of 352,948. Independent Bank has a 52-week low of $61.55 and a 52-week high of $87.50. The stock has a market cap of $4.21 billion, a P/E ratio of 17.30 and a beta of 0.77. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The stock’s fifty day moving average is $80.85 and its two-hundred day moving average is $79.13.

Independent Bank Announces Dividend

The company also recently declared 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. This represents a $2.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank’s dividend payout ratio is presently 50.79%.

Insider Activity at Independent Bank

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

Hedge Funds Weigh In On Independent Bank

Large investors have recently made changes to their positions in the business. Alliancebernstein L.P. raised its stake in Independent Bank by 57.9% in the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock valued at $107,102,000 after buying an additional 624,833 shares during the last quarter. Citadel Advisors LLC grew its stake in shares of Independent Bank by 473.0% during the third quarter. Citadel Advisors LLC now owns 349,635 shares of the bank’s stock worth $24,184,000 after acquiring an additional 288,613 shares during the last quarter. Basswood Capital Management L.L.C. increased its holdings in shares of Independent Bank by 126.5% during the second quarter. Basswood Capital Management L.L.C. now owns 317,305 shares of the bank’s stock valued at $19,954,000 after acquiring an additional 177,243 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Independent Bank by 40.8% during the third quarter. Bank of America Corp DE now owns 555,180 shares of the bank’s stock valued at $38,402,000 after acquiring an additional 160,788 shares in the last quarter. Finally, Verition Fund Management LLC raised its position in shares of Independent Bank by 17.6% in the 3rd quarter. Verition Fund Management LLC now owns 946,006 shares of the bank’s stock valued at $65,435,000 after purchasing an additional 141,888 shares during the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

INDB has been the topic of a number of recent analyst reports. Piper Sandler increased their target price on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Barclays boosted their target price on shares of Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research note on Tuesday, April 7th. Independent Research set a $95.00 price target on shares of Independent Bank in a research note on Friday, May 15th. Raymond James Financial reissued a “strong-buy” rating and issued a $97.00 price objective on shares of Independent Bank in a research report on Friday, April 17th. Finally, Stephens initiated coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.57.

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.