Independent Bank (NASDAQ:INDB) Issues Earnings Results, Beats Expectations By $0.05 EPS

by · The Markets Daily

Independent Bank (NASDAQ:INDB – Get Free Report) issued its quarterly earnings results on Thursday. The bank reported $1.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.05, FiscalAI reports. The firm had revenue of $253.93 million during the quarter, compared to analyst estimates of $249.64 million. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%.

Independent Bank Stock Performance

NASDAQ INDB traded up $1.16 during mid-day trading on Thursday, reaching $80.54. 495,196 shares of the stock were exchanged, compared to its average volume of 311,978. Independent Bank has a 1 year low of $52.15 and a 1 year high of $80.92. The company has a market capitalization of $3.99 billion, a P/E ratio of 19.60 and a beta of 0.79. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.95. The business’s 50 day moving average is $74.01 and its 200-day moving average is $70.26.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Monday, December 29th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 29th. This represents a $2.36 dividend on an annualized basis and a yield of 2.9%. Independent Bank’s dividend payout ratio is 57.42%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Independent Research set a $80.00 price target on Independent Bank in a report on Wednesday, December 17th. Keefe, Bruyette & Woods upgraded shares of Independent Bank from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $80.00 to $83.00 in a research note on Tuesday, October 21st. Barclays assumed coverage on shares of Independent Bank in a research report on Wednesday, December 17th. They issued an “equal weight” rating and a $80.00 price objective for the company. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Independent Bank currently has a consensus rating of “Hold” and a consensus price target of $76.50.

Check Out Our Latest Stock Report on INDB

Insider Buying and Selling at Independent Bank

In other news, Director Gerard F. Nadeau sold 3,000 shares of Independent Bank stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $70.00, for a total value of $210,000.00. Following the sale, the director owned 22,395 shares in the company, valued at $1,567,650. This trade represents a 11.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ken S. Ansin sold 144,000 shares of Independent Bank stock in a transaction dated Monday, November 10th. The stock was sold at an average price of $69.94, for a total value of $10,071,360.00. Following the completion of the sale, the director owned 288,481 shares in the company, valued at approximately $20,176,361.14. The trade was a 33.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 200,405 shares of company stock valued at $13,971,482 over the last ninety days. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. CIBC Bancorp USA Inc. purchased a new position in Independent Bank during the third quarter worth approximately $360,000. Captrust Financial Advisors boosted its position in shares of Independent Bank by 97.7% during the 3rd quarter. Captrust Financial Advisors now owns 34,977 shares of the bank’s stock valued at $2,419,000 after acquiring an additional 17,286 shares during the last quarter. Danske Bank A S purchased a new stake in shares of Independent Bank in the third quarter valued at about $42,000. Advisory Services Network LLC acquired a new stake in Independent Bank during the third quarter worth about $32,000. Finally, CANADA LIFE ASSURANCE Co raised its stake in Independent Bank by 19.7% during the third quarter. CANADA LIFE ASSURANCE Co now owns 45,653 shares of the bank’s stock worth $3,170,000 after purchasing an additional 7,511 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Company Profile

(Get Free Report)

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.

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