Independent Bank (NASDAQ:INDB) Coverage Initiated by Analysts at Stephens
by Teresa Graham · The Cerbat GemStephens began coverage on shares of Independent Bank (NASDAQ:INDB – Get Free Report) in a research note issued on Wednesday, MarketBeat reports. The brokerage set an “overweight” rating and a $88.00 price target on the bank’s stock. Stephens’ price target suggests a potential upside of 12.23% from the company’s previous close.
INDB has been the topic of several other research reports. Independent Research set a $80.00 price objective on shares of Independent Bank in a research report on Wednesday, December 17th. Piper Sandler began coverage on shares of Independent Bank in a research report on Monday, March 16th. They set a “neutral” rating and a $84.00 price objective on the stock. Weiss Ratings upgraded shares of Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 27th. Finally, Barclays lifted their price objective 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. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $83.40.
Get Our Latest Stock Analysis on Independent Bank
Independent Bank Price Performance
Shares of NASDAQ:INDB opened at $78.41 on Wednesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank has a 1-year low of $52.15 and a 1-year high of $87.00. The company has a market capitalization of $3.81 billion, a P/E ratio of 17.62 and a beta of 0.79. The firm’s 50 day simple moving average is $78.70 and its two-hundred day simple moving average is $74.95.
Independent Bank (NASDAQ:INDB – Get Free Report) last issued its quarterly earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.02). Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. The firm had revenue of $252.72 million for the quarter, compared to analysts’ expectations of $251.45 million. During the same period in the prior year, the firm earned $1.06 EPS. Research analysts expect that Independent Bank will post 5.41 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, Director John J. Morrissey sold 1,988 shares of the business’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $85.70, for a total transaction of $170,371.60. Following the completion of the sale, the director directly owned 12,747 shares of the company’s stock, valued at approximately $1,092,417.90. The trade was a 13.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Donna L. Abelli sold 524 shares of the business’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total transaction of $44,540.00. Following the sale, the director directly owned 13,247 shares of the company’s stock, valued at $1,125,995. This represents a 3.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.60% of the company’s stock.
Institutional Trading of Independent Bank
Hedge funds have recently added to or reduced their stakes in the business. Salomon & Ludwin LLC lifted its stake in Independent Bank by 167.2% in the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after acquiring an additional 224 shares during the period. First Horizon Corp bought a new position in Independent Bank in the third quarter worth about $31,000. Advisory Services Network LLC bought a new position in Independent Bank in the third quarter worth about $32,000. Cullen Frost Bankers Inc. bought a new position in Independent Bank in the third quarter worth about $37,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after purchasing an additional 385 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.
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.