Independent Bank assumed with a Neutral at Piper Sandler

Piper Sandler analyst Nathan J. Race assumed coverage of Independent Bank with a Neutral rating and $27 price target, based on 9.0-times the firm’s 2025 EPS and a moderate premium to peers given the company’s solid profitability, organic balance sheet growth and credit quality outlooks. Piper views Independent Bank as a high-quality community and commercial bank with a holistic client focus, strong deposit base and highly scalable infrastructure. However, the firm sees limited visibility of catalysts to drive more of a premium valuation and multiple expansion above peers. Piper adds it would become more constructive with a pull-back in shares’ relative valuation and/or greater visibility of catalysts to generate a more robust return profile.