Independent Bank (NASDAQ:INDB) Announces Quarterly Earnings Results

Independent Bank (NASDAQ:INDB) posted its earnings results on Thursday. The bank reported $1.68 EPS for the quarter, meeting the consensus estimate of $1.68, FiscalAI reports. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%.

Independent Bank Trading Down 1.3%

INDB stock traded down $1.02 during mid-day trading on Thursday, reaching $78.41. The company’s stock had a trading volume of 412,596 shares, compared to its average volume of 327,450. The company has a market cap of $3.81 billion, a price-to-earnings ratio of 17.62 and a beta of 0.79. The business’s 50 day moving average price is $78.84 and its 200 day moving average price is $74.93. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank has a 12 month low of $52.15 and a 12 month high of $87.00.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 30th were issued a $0.64 dividend. The ex-dividend date was Monday, March 30th. This is an increase from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 dividend on an annualized basis and a yield of 3.3%. Independent Bank’s dividend payout ratio is presently 57.53%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on INDB. Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 27th. Independent Research set a $80.00 price objective on Independent Bank in a research report on Wednesday, December 17th. Stephens began coverage on Independent Bank in a research report on Wednesday. They set an “overweight” rating and a $88.00 price objective for the company. Piper Sandler began coverage on Independent Bank in a research report on Monday, March 16th. They set a “neutral” rating and a $84.00 price objective for the company. Finally, Barclays raised their price objective on Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 7th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Independent Bank presently has a consensus rating of “Hold” and an average target price of $83.40.

Insider Buying and Selling

In other Independent Bank news, Director John J. Morrissey sold 1,988 shares of Independent Bank stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $85.70, for a total value of $170,371.60. Following the completion of the sale, the director directly owned 12,747 shares in the company, valued at approximately $1,092,417.90. The trade was a 13.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Donna L. Abelli sold 524 shares of Independent Bank stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total value of $44,540.00. Following the completion of the sale, the director owned 13,247 shares of the company’s stock, valued at approximately $1,125,995. The trade was a 3.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Independent Bank

Hedge funds have recently added to or reduced their stakes in the business. Advisory Services Network LLC bought a new stake in Independent Bank in the third quarter worth approximately $32,000. EverSource Wealth Advisors LLC increased its holdings in shares of Independent Bank by 233.3% during the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after acquiring an additional 385 shares in the last quarter. Danske Bank A S bought a new stake in shares of Independent Bank during the third quarter valued at approximately $42,000. Kemnay Advisory Services Inc. bought a new stake in shares of Independent Bank during the fourth quarter valued at approximately $48,000. Finally, Osaic Holdings Inc. increased its holdings in shares of Independent Bank by 23.3% during the second quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock valued at $70,000 after acquiring an additional 211 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

About Independent Bank

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.