Barclays has begun coverage of Independent Bank (NASDAQ: INDB), assigning an equal weight rating and a price target of $80.00 per share, according to a research note released on Wednesday. This rating reflects a balanced outlook on the bank’s stock, which is part of a broader trend as various analysts assess the company’s market position.
Independent Research also set a price objective of $80.00 in its report, released on the same day. Meanwhile, Zacks Research has adjusted its rating, downgrading Independent Bank from a “strong-buy” to a “hold” on August 19. In contrast, Keefe, Bruyette & Woods upgraded the bank from “market perform” to “outperform,” increasing their target price from $80.00 to $83.00 as of October 21. Weiss Ratings reaffirmed a “hold (c+)” rating on October 8.
Market Insights and Analyst Ratings
Overall, the sentiment among analysts is mixed. Currently, one analyst has labeled the stock as a strong buy, another as a buy, while four analysts have issued hold ratings. According to data from MarketBeat.com, Independent Bank holds an average rating of “Moderate Buy” with a price target of $76.80.
In its latest quarterly earnings report, released on February 12, Independent Bank reported earnings of $1.01 per share and revenue of $175.25 million. The bank achieved a net margin of 16.64% and a return on equity of 7.19%. Analysts project an earnings per share (EPS) of 5.41 for the current fiscal year.
Dividends and Insider Trading Activity
Independent Bank recently announced a quarterly dividend of $0.59, scheduled for payment on January 7. Stockholders on record as of December 29 will be eligible for this dividend, which translates to an annualized dividend of $2.36 and a yield of 3.0%. The bank’s current dividend payout ratio stands at 57.42%.
In related news, Director Gerard F. Nadeau sold 3,000 shares of the bank on November 21 for a total of $210,000, reducing his holdings by 11.81%. Following this transaction, he retains 22,395 shares valued at approximately $1,567,650. Another director, Thomas R. Venables, sold 405 shares on December 5 at an average price of $73.93, totaling $29,941.65.
Over the past 90 days, insiders have sold 200,405 shares worth approximately $13,971,482. Currently, corporate insiders own 0.81% of the company’s stock.
Institutional investors have also shown interest in Independent Bank. Recently, several large firms have taken positions in the bank. Notably, First Horizon Corp entered the market by acquiring shares valued at $31,000, while Advisory Services Network LLC invested approximately $32,000. Other firms, including Cullen Frost Bankers Inc. and EverSource Wealth Advisors LLC, have made similar investments in recent quarters. Currently, institutional investors and hedge funds hold 83.40% of the company’s stock.
Independent Bank Group, Inc., headquartered in McKinney, Texas, is a bank holding company that offers a variety of financial services through its wholly owned subsidiary. Established in the late 19th century, the company has evolved from a single community bank into a regional institution serving individuals, small businesses, and commercial clients. Independent Bank Group became a bank holding company in 1983 and has expanded through both organic growth and strategic acquisitions.
