Independent Bank Corp. (NASDAQ:INDB) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Independent Bank Corp. (NASDAQ:INDB) have been assigned an average recommendation of “Moderate Buy” from the eight analysts that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $90.7143.

Several equities research analysts have recently weighed in on INDB shares. Hovde Group began coverage on shares of Independent Bank in a research report on Friday, May 15th. They set an “outperform” rating and a $95.00 price objective for the company. Stephens assumed coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price objective on the stock. Weiss Ratings raised shares of Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. 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. Finally, Independent Research set a $95.00 price objective on shares of Independent Bank in a research note on Friday, May 15th.

Independent Bank Trading Up 0.2%

INDB opened at $78.82 on Friday. Independent Bank has a fifty-two week low of $57.01 and a fifty-two week high of $87.00. 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 firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of 15.64 and a beta of 0.78. The company’s 50 day moving average price is $77.15 and its two-hundred day moving average price is $76.60.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The business had revenue of $252.72 million for the quarter, compared to the consensus estimate of $251.45 million. During the same period in the previous year, the firm earned $1.06 earnings per share. As a group, research analysts predict that Independent Bank will post 7.33 earnings per share for the current year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were issued a $0.64 dividend. This is an increase from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Monday, March 30th. Independent Bank’s dividend payout ratio is currently 50.79%.

Institutional Trading of Independent Bank

Institutional investors and hedge funds have recently made changes to their positions in the company. Cibc World Market Inc. purchased a new stake in Independent Bank during the third quarter worth about $6,506,000. HighTower Advisors LLC increased its holdings in Independent Bank by 242.9% during the third quarter. HighTower Advisors LLC now owns 23,406 shares of the bank’s stock worth $1,619,000 after buying an additional 16,581 shares during the last quarter. Spinnaker Trust purchased a new stake in Independent Bank during the third quarter worth about $1,856,000. Rockland Trust Co. increased its holdings in Independent Bank by 84.1% during the fourth quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock worth $92,199,000 after buying an additional 576,183 shares during the last quarter. Finally, White Pine Capital LLC purchased a new stake in Independent Bank during the third quarter worth about $1,792,000. Hedge funds and other 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.