Independent Bank (NASDAQ:INDB – Get Free Report) posted its quarterly earnings data on Thursday. The bank reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09), FiscalAI reports. The firm had revenue of $253.32 million during the quarter, compared to analysts’ expectations of $258.42 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%.
Independent Bank Stock Performance
Shares of NASDAQ INDB traded up $1.97 during trading on Thursday, reaching $87.17. The stock had a trading volume of 637,683 shares, compared to its average volume of 350,641. Independent Bank has a one year low of $61.55 and a one year high of $87.50. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market cap of $4.21 billion, a PE ratio of 17.30 and a beta of 0.77. The firm’s 50 day moving average price is $80.85 and its two-hundred day moving average price is $79.13.
Independent Bank Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were given a $0.64 dividend. The ex-dividend date was Monday, June 29th. This represents a $2.56 annualized dividend and a dividend yield of 2.9%. Independent Bank’s dividend payout ratio (DPR) is presently 50.79%.
Analysts Set New Price Targets
Read Our Latest Report on Independent Bank
Insider Transactions at Independent Bank
In related news, Director Joseph C. Lerner sold 2,832 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the transaction, the director directly owned 16,215 shares in the company, valued at $1,253,581.65. This trade represents a 14.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.60% of the stock is owned by company insiders.
Institutional Trading of Independent Bank
A number of institutional investors and hedge funds have recently modified their holdings of INDB. Advisory Services Network LLC bought a new position in shares of Independent Bank in the 3rd quarter worth about $32,000. EverSource Wealth Advisors LLC grew its position 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 last quarter. Danske Bank A S acquired a new stake in Independent Bank during the third quarter worth about $42,000. Kemnay Advisory Services Inc. acquired a new stake in Independent Bank during the fourth quarter worth about $48,000. Finally, Osaic Holdings Inc. lifted its holdings in Independent Bank by 23.3% in the second quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock worth $70,000 after acquiring an additional 211 shares during the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.
Independent Bank Company Profile
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.
Read More
- Five stocks we like better than Independent Bank
- Why Abbott Laboratories Stock Is Suddenly Winning Back Wall Street
- Revving Up Returns: Big Banks Race Through the Rate Plateau
- Why Uber’s Biggest Deal Yet Could Unlock Its Next Growth Phase
- Why Microsoft Is Playing a Different AI Game Than Big Tech—and Cash Flow Is the Test
Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.
