Vanguard Group Inc. Acquires 769,086 Shares of Independent Bank Corp. $INDB

Vanguard Group Inc. grew its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 14.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 5,943,817 shares of the bank’s stock after purchasing an additional 769,086 shares during the period. Vanguard Group Inc. owned approximately 11.91% of Independent Bank worth $411,134,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Nisa Investment Advisors LLC grew its stake in shares of Independent Bank by 1.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock worth $680,000 after buying an additional 162 shares during the last quarter. Profund Advisors LLC boosted its holdings in Independent Bank by 5.0% in the third quarter. Profund Advisors LLC now owns 3,732 shares of the bank’s stock worth $258,000 after acquiring an additional 177 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in Independent Bank by 23.3% in the second quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock worth $70,000 after acquiring an additional 211 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Independent Bank by 0.6% in the second quarter. California State Teachers Retirement System now owns 39,289 shares of the bank’s stock worth $2,471,000 after acquiring an additional 224 shares during the last quarter. Finally, Tidal Investments LLC increased its holdings in shares of Independent Bank by 5.3% during the second quarter. Tidal Investments LLC now owns 4,979 shares of the bank’s stock valued at $313,000 after acquiring an additional 251 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Insider Buying and Selling at Independent Bank

In related news, Director Thomas R. Venables sold 405 shares of Independent Bank stock in a transaction on Friday, December 5th. The stock was sold at an average price of $73.93, for a total value of $29,941.65. Following the completion of the sale, the director owned 20,557 shares of the company’s stock, valued at $1,519,779.01. The trade was a 1.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Donna L. Abelli sold 524 shares of the company’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total value of $44,540.00. Following the sale, the director owned 13,247 shares of the company’s stock, valued at approximately $1,125,995. This trade represents a 3.81% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 2,917 shares of company stock worth $244,853. Insiders own 0.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Barclays cut shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target on the stock. in a research note on Monday, February 2nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a report on Thursday, January 22nd. Finally, Independent Research set a $80.00 target price on shares of Independent Bank in a research note on Wednesday, December 17th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $76.50.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $82.04 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of 18.44 and a beta of 0.80. The business has a 50-day simple moving average of $78.96 and a two-hundred day simple moving average of $73.25. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $87.00.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.05. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. The firm had revenue of $253.93 million during the quarter, compared to analyst estimates of $249.64 million. On average, analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Monday, December 29th. Independent Bank’s payout ratio is 53.03%.

Independent Bank Company Profile

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.