Independent Bank (NASDAQ:INDB) Reaches New 52-Week High – What’s Next?

Independent Bank Corp. (NASDAQ:INDB) shares hit a new 52-week high on Thursday . The stock 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.

Analysts Set New Price Targets

INDB has been the subject of several recent research reports. Weiss Ratings upgraded shares of Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a research report on Monday, April 20th. Piper Sandler increased their price objective on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Independent Research set a $95.00 price objective on Independent Bank in a report on Friday, May 15th. Finally, Hovde Group began coverage on Independent Bank in a research report on Friday, May 15th. They issued an “outperform” rating and a $95.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Independent Bank currently has an average rating of “Moderate Buy” and a consensus target price of $91.57.

Independent Bank Stock Performance

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

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, April 16th. The bank reported $1.68 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). The firm had revenue of $252.72 million during the quarter, compared to analyst estimates of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same quarter in the prior year, the business earned $1.06 EPS. On average, analysts predict that Independent Bank Corp. will post 7.28 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were paid 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 dividend payout ratio (DPR) is 50.79%.

Insider Buying and Selling

In related news, Director Joseph C. Lerner sold 2,832 shares of Independent Bank stock in a transaction dated Monday, May 18th. The stock was 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 approximately $1,253,581.65. This trade represents a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

A number of large investors have recently added to or reduced their stakes in INDB. Revolve Wealth Partners LLC acquired a new stake in Independent Bank during the 2nd quarter valued at $221,000. Reinhart Partners LLC. increased its holdings in shares of Independent Bank by 1.3% in the second quarter. Reinhart Partners LLC. now owns 657,871 shares of the bank’s stock valued at $55,078,000 after purchasing an additional 8,575 shares during the last quarter. 55 North Private Wealth LLC bought a new position in shares of Independent Bank in the second quarter valued at about $230,000. Ballast Advisors LLC bought a new position in shares of Independent Bank in the first quarter valued at about $30,000. Finally, Glenmede Trust Co. NA raised its position in shares of Independent Bank by 3.6% in the first quarter. Glenmede Trust Co. NA now owns 23,731 shares of the bank’s stock valued at $1,785,000 after purchasing an additional 826 shares during the period. 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.