Key Points
- Director Donna Abelli sold 524 shares at an average price of $85 on Feb. 4 for $44,540, reducing her stake by 3.81% to 13,247 shares valued at $1,125,995 (disclosed on an SEC Form 4).
- Independent Bank recently beat earnings with $1.70 EPS vs. $1.65 expected and $253.9M revenue, the stock trades near a 12‑month high (~$86.28), the company has a $4.28B market cap and 2.7% dividend yield, and analysts maintain a consensus "Hold" with a $76.50 target.
Independent Bank Corp. (NASDAQ:INDB - Get Free Report) Director Donna 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Independent Bank Trading Up 1.3%
Shares of INDB traded up $1.11 during trading hours on Friday, hitting $86.28. The stock had a trading volume of 23,996 shares, compared to its average volume of 352,935. Independent Bank Corp. has a 12-month low of $52.15 and a 12-month high of $87.00. The firm has a market cap of $4.28 billion, a P/E ratio of 19.40 and a beta of 0.80. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The company's fifty day simple moving average is $76.60 and its 200 day simple moving average is $71.39.
Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, topping the consensus estimate of $1.65 by $0.05. The company 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 7.88% and a net margin of 17.51%. Equities research analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.
Independent Bank Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Monday, December 29th were issued a $0.59 dividend. The ex-dividend date was Monday, December 29th. This represents a $2.36 annualized dividend and a yield of 2.7%. Independent Bank's dividend payout ratio (DPR) is presently 53.03%.
Analyst Ratings Changes
A number of brokerages have recently commented on INDB. Keefe, Bruyette & Woods raised shares of Independent Bank from a "market perform" rating to an "outperform" rating and raised their target price for the company from $80.00 to $83.00 in a research note on Tuesday, October 21st. Barclays downgraded shares of Independent Bank from an "equal weight" rating to an "underweight" rating and set a $80.00 price objective for the company. in a research report on Monday. Weiss Ratings reissued a "hold (c+)" rating on shares of Independent Bank in a research report on Thursday, January 22nd. Finally, Independent Research set a $80.00 price target on shares of Independent Bank in a research note on Wednesday, December 17th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Independent Bank currently has a consensus rating of "Hold" and a consensus target price of $76.50.
Read Our Latest Stock Analysis on INDB
Institutional Trading of Independent Bank
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its position in shares of Independent Bank by 10.6% during the first quarter. Royal Bank of Canada now owns 12,451 shares of the bank's stock worth $779,000 after purchasing an additional 1,189 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Independent Bank by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank's stock valued at $1,583,000 after acquiring an additional 1,112 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Independent Bank by 2.0% during the first quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank's stock valued at $37,584,000 after purchasing an additional 11,714 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Independent Bank by 8.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank's stock valued at $6,623,000 after buying an additional 8,435 shares during the period. Finally, Jane Street Group LLC grew its position in shares of Independent Bank by 1,222.7% during the 1st quarter. Jane Street Group LLC now owns 74,057 shares of the bank's stock valued at $4,640,000 after buying an additional 68,458 shares during the last quarter. Institutional investors own 83.40% of the company's stock.
About Independent Bank
(
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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