Key Points
- Director Thomas Venables sold 3,750 Independent Bank shares at an average price of $83, generating $311,250. The sale reduced his direct ownership by 17.52% to 17,649 shares.
- Independent Bank’s latest quarterly results fell short of expectations, with EPS of $1.70 versus the $1.79 consensus and revenue of $253.32 million versus $257.50 million expected.
- The company pays a quarterly dividend of $0.64 per share, or $2.56 annually, representing a 3.1% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $91.86.
Independent Bank Corp. (NASDAQ:INDB - Get Free Report) Director Thomas Venables sold 3,750 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the transaction, the director directly owned 17,649 shares of the company's stock, valued at approximately $1,464,867. The trade was a 17.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Independent Bank Trading Down 0.5%
Shares of INDB opened at $82.78 on Thursday. Independent Bank Corp. has a fifty-two week low of $63.33 and a fifty-two week high of $87.50. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. The company's fifty day moving average is $84.28 and its 200 day moving average is $80.68. The stock has a market capitalization of $3.92 billion, a PE ratio of 14.94 and a beta of 0.78.
Independent Bank (NASDAQ:INDB - Get Free Report) last announced its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts' expectations of $257.50 million. Sell-side analysts expect that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.
Independent Bank Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Monday, June 29th were given a dividend of $0.64 per share. The ex-dividend date was Monday, June 29th. This represents a $2.56 dividend on an annualized basis and a yield of 3.1%. Independent Bank's payout ratio is 46.21%.
Wall Street Analyst Weigh In
INDB has been the subject of several research analyst reports. Independent Research set a $95.00 target price on Independent Bank in a research report on Friday, May 15th. Hovde Group assumed coverage on shares of Independent Bank in a research note on Friday, May 15th. They set an "outperform" rating and a $95.00 price objective for the company. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $99.00 to $96.00 and set an "outperform" rating on the stock in a research report on Monday, July 20th. Weiss Ratings reissued a "buy (b)" rating on shares of Independent Bank in a research report on Wednesday, August 5th. Finally, Piper Sandler raised their price objective on Independent Bank from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Independent Bank presently has a consensus rating of "Moderate Buy" and a consensus price target of $91.86.
Read Our Latest Report on Independent Bank
Institutional Trading of Independent Bank
Hedge funds have recently added to or reduced their stakes in the stock. Ballast Advisors LLC acquired a new position in shares of Independent Bank during the first quarter worth about $30,000. Advisory Services Network LLC acquired a new stake in shares of Independent Bank in the third quarter worth approximately $32,000. EverSource Wealth Advisors LLC grew its stake in shares of 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 during the period. Danske Bank A S acquired a new stake in Independent Bank during the third quarter worth about $42,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Independent Bank in the second quarter valued at approximately $48,000. 83.40% of the stock is owned by institutional investors and hedge funds.
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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