Independent Bank Corp. (NASDAQ:INDB) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Independent Bank Corp. (NASDAQ:INDB) have been given a consensus rating of “Moderate Buy” by the eight research firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, three have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $90.7143.

A number of equities research analysts have recently issued reports on the company. Piper Sandler assumed coverage on Independent Bank in a research note on Monday, March 16th. They issued a “neutral” rating and a $84.00 target price for the company. Hovde Group initiated coverage on Independent Bank in a research report on Friday. They set an “outperform” rating and a $95.00 price target on the stock. Barclays upped their price target on Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a report on Tuesday, April 7th. Independent Research set a $95.00 price objective on shares of Independent Bank in a research report on Friday. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a research note on Monday, April 20th.

Hedge Funds Weigh In On Independent Bank

A number of institutional investors have recently added to or reduced their stakes in INDB. Vanguard Group Inc. boosted its position in Independent Bank by 14.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock valued at $411,134,000 after buying an additional 769,086 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Independent Bank by 10.6% during the third quarter. Dimensional Fund Advisors LP now owns 2,606,415 shares of the bank’s stock worth $180,286,000 after acquiring an additional 250,651 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Independent Bank by 57.9% during the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after acquiring an additional 624,833 shares during the last quarter. Rockland Trust Co. lifted its stake in shares of Independent Bank by 84.1% in the fourth quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock worth $92,199,000 after acquiring an additional 576,183 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Independent Bank by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock valued at $90,082,000 after purchasing an additional 20,278 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Down 1.1%

Shares of Independent Bank stock opened at $76.04 on Friday. Independent Bank has a twelve month low of $57.01 and a twelve month high of $87.00. The stock has a market cap of $3.67 billion, a price-to-earnings ratio of 15.09 and a beta of 0.78. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The company has a fifty day moving average price of $77.00 and a 200 day moving average price of $76.23.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 EPS for the quarter, missing the consensus estimate of $1.70 by ($0.02). The company had revenue of $252.72 million during the quarter, compared to analysts’ expectations of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same period last year, the business earned $1.06 earnings per share. Equities research analysts forecast that Independent Bank will post 7.33 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 30th were paid a dividend of $0.64 per share. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, March 30th. This represents a $2.56 annualized dividend and a yield of 3.4%. Independent Bank’s payout ratio is presently 50.79%.

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.