SunTrust analyst Michael Young raised his price target on Independent Bank to $80 to reflect the expectations of higher net interest margins in FY19 and the later closing of the Integrity Bancshares acquisition, saying the company has expanded rapidly by adding $3B in assets through M&A. The analyst adds that the bank is now close to $10B in assets and reaching that threshold would mark a catalyst, but believes the timing of that breach and the "attractiveness" of the assets that it could acquire are difficult to predict. Young keeps his Hold rating on Independent Bank.

Piper Sandler downgraded Independent Bank to Underweight from Neutral with a price target of $38, down from $48. The bank's deposit costs were up another 19 basis points in Q1 and the expected net interest margin inflection was pushed out another quarter, the analyst tells investors in a research note. The firm believes Independent Bank "looks poised to underperform peers" from an overall profitability perspective. It thinks the shares will lag over the next 12 months until investors get some certainty into a Q4 of 2025 run-rate and the 2026 earnings potential of the franchise.