Key Points
- Director Gerard Nadeau sold 5,307 Independent Bank shares at an average price of $84.69, generating approximately $449,450. His remaining stake fell 23.89% to 16,907 shares.
- Independent Bank’s latest quarterly results missed expectations, with EPS of $1.70 versus the $1.79 consensus and revenue of $253.32 million versus $257.50 million expected.
- The bank pays a quarterly dividend of $0.64 per share, equivalent to a 3.0% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $91.86, compared with the stock’s $85.72 opening price.
Independent Bank Corp. (NASDAQ:INDB - Get Free Report) Director Gerard Nadeau sold 5,307 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $84.69, for a total transaction of $449,449.83. Following the sale, the director owned 16,907 shares of the company's stock, valued at approximately $1,431,853.83. This represents a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.
Independent Bank Stock Down 0.0%
NASDAQ INDB opened at $85.72 on Thursday. Independent Bank Corp. has a 1 year low of $62.73 and a 1 year high of $87.50. The stock has a market capitalization of $4.14 billion, a PE ratio of 15.47 and a beta of 0.78. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.93 and a quick ratio of 0.93. The business's 50-day moving average is $83.03 and its 200 day moving average is $80.25.
Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing analysts' consensus estimates of $1.79 by ($0.09). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The business had revenue of $253.32 million for the quarter, compared to the consensus estimate of $257.50 million. Sell-side analysts forecast that Independent Bank Corp. will post 7.11 earnings per share for the current year.
Independent Bank Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, June 29th. Independent Bank's dividend payout ratio is currently 46.21%.
Institutional Trading of Independent Bank
A number of hedge funds have recently modified their holdings of INDB. Salomon & Ludwin LLC increased its stake in shares of Independent Bank by 167.2% in the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank's stock worth $27,000 after acquiring an additional 224 shares in the last quarter. Ballast Advisors LLC bought a new stake in shares of Independent Bank in the 1st quarter worth approximately $30,000. Advisory Services Network LLC purchased a new stake in shares of Independent Bank in the 3rd quarter worth approximately $32,000. EverSource Wealth Advisors LLC increased its position in Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank's stock valued at $35,000 after buying an additional 385 shares in the last quarter. Finally, Danske Bank A S purchased a new position in Independent Bank during the third quarter valued at $42,000. Institutional investors own 83.40% of the company's stock.
Analysts Set New Price Targets
Several analysts recently weighed in on INDB shares. Independent Research set a $95.00 price target on shares of Independent Bank in a report on Friday, May 15th. Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank from $99.00 to $96.00 and set an "outperform" rating for the company in a report on Monday, July 20th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $97.00 target price on shares of Independent Bank in a research report on Friday, April 17th. Stephens assumed coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They set an "overweight" rating and a $88.00 target price on the stock. Finally, Piper Sandler boosted their price target on shares of Independent Bank from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $91.86.
Check Out Our Latest Report on Independent Bank
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
