Independent Bank (NASDAQ:INDB) Price Target Lowered to $96.00 at Keefe, Bruyette & Woods

Independent Bank (NASDAQ:INDB) had its target price lowered by equities researchers at Keefe, Bruyette & Woods from $99.00 to $96.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 13.60% from the stock’s current price.

A number of other analysts also recently issued reports on INDB. Stephens started coverage on shares of Independent Bank in a report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price objective for the company. Piper Sandler boosted their target price on shares of Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Barclays increased their target price on shares of Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research report on Tuesday, April 7th. Weiss Ratings upgraded shares of Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. Finally, Hovde Group initiated coverage on shares of Independent Bank in a report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price target on the stock. One equities 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 given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $91.86.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $84.51 on Monday. Independent Bank has a 1 year low of $61.55 and a 1 year high of $87.50. The company has a market capitalization of $4.08 billion, a PE ratio of 15.25 and a beta of 0.77. The business has a fifty day moving average price of $81.15 and a two-hundred day moving average price of $79.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.93 and a quick ratio of 0.93.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). The business had revenue of $253.32 million for the quarter, compared to the consensus estimate of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. Analysts forecast that Independent Bank will post 7.28 earnings per share for the current year.

Insider Buying and Selling

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $77.31, for a total transaction of $218,941.92. Following the sale, the director directly owned 16,215 shares of the company’s stock, valued at $1,253,581.65. This represents a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Independent Bank

Several large investors have recently modified their holdings of INDB. Salomon & Ludwin LLC raised its position in shares of Independent Bank by 167.2% in the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after purchasing an additional 224 shares during the period. Ballast Advisors LLC purchased a new stake in shares of Independent Bank during the 1st quarter valued at approximately $30,000. Advisory Services Network LLC bought a new position in Independent Bank in the 3rd quarter worth approximately $32,000. EverSource Wealth Advisors LLC boosted its holdings in Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after buying an additional 385 shares during the period. Finally, Danske Bank A S purchased a new position in Independent Bank in the 3rd quarter valued at approximately $42,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

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.