Key Points
- Director Joseph Lerner sold 2,832 shares of Independent Bank Corp. (NASDAQ: INDB) at an average price of $77.31, totaling about $218,942. After the sale, he still held 16,215 shares, reducing his position by 14.87%.
- Independent Bank recently reported mixed quarterly results, with earnings of $1.68 per share slightly below analyst expectations of $1.70, while revenue of $252.72 million came in a bit above forecasts.
- The company increased its quarterly dividend to $0.64 per share from $0.59, lifting the annualized yield to about 3.3%.
Independent Bank Corp. (NASDAQ:INDB - Get Free Report) Director Joseph Lerner sold 2,832 shares of the business's stock in a transaction on 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 approximately $1,253,581.65. The trade was a 14.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Independent Bank Trading Down 1.9%
Shares of INDB stock opened at $77.55 on Tuesday. Independent Bank Corp. has a 1 year low of $57.01 and a 1 year high of $87.00. The firm has a fifty day moving average price of $77.68 and a 200-day moving average price of $77.06. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 15.39 and a beta of 0.78.
Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.70 by ($0.02). The business had revenue of $252.72 million for the quarter, compared to the consensus estimate of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same period in the previous year, the firm earned $1.06 EPS. As a group, equities analysts predict that Independent Bank Corp. will post 7.33 earnings per share for the current year.
Independent Bank Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 30th were issued a $0.64 dividend. The ex-dividend date of this dividend was Monday, March 30th. This represents a $2.56 annualized dividend and a yield of 3.3%. This is an increase from Independent Bank's previous quarterly dividend of $0.59. Independent Bank's payout ratio is currently 50.79%.
Analyst Upgrades and Downgrades
INDB has been the subject of several research reports. Keefe, Bruyette & Woods dropped their price objective on shares of Independent Bank from $96.00 to $94.00 and set an "outperform" rating for the company in a report on Monday, April 20th. Independent Research set a $95.00 target price on shares of Independent Bank in a research report on Friday, May 15th. Raymond James Financial restated a "strong-buy" rating and set a $97.00 target price on shares of Independent Bank in a research report on Friday, April 17th. Weiss Ratings upgraded shares of Independent Bank from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, May 8th. Finally, Hovde Group initiated coverage on shares of Independent Bank in a research report on Friday, May 15th. They set 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 given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $90.71.
Read Our Latest Research Report on Independent Bank
Institutional Trading of Independent Bank
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in INDB. Royal Bank of Canada grew its stake in Independent Bank by 10.6% in the 1st quarter. Royal Bank of Canada now owns 12,451 shares of the bank's stock worth $779,000 after acquiring an additional 1,189 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in 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 worth $1,583,000 after acquiring an additional 1,112 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Independent Bank by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank's stock worth $37,584,000 after acquiring an additional 11,714 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in 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 worth $6,623,000 after acquiring an additional 8,435 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in Independent Bank by 1,222.7% in the 1st quarter. Jane Street Group LLC now owns 74,057 shares of the bank's stock worth $4,640,000 after acquiring an additional 68,458 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.
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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