Independent Bank price target raised to $37.50 from $27 at Piper Sandler

Piper Sandler analyst Nathan J. Race raised the firm’s price target on Independent Bank to $37.50 from $27 and keeps a Neutral rating on the shares. While PPNR was 4% light in Q2 stemming from softer core fee income and higher operating expenses, the firm is encouraged that both are expected to improve from recent levels. Despite less-than-expected loan growth in Q2 largely due to higher payoffs, Independent Bank generated solid sequential net interest income growth with greater net interest margin expansion and possesses a solid loan pipeline heading into Q3.