Legato Capital Management LLC Reduces Stock Position in Independent Bank Corp. $INDB

Legato Capital Management LLC cut its holdings in Independent Bank Corp. (NASDAQ:INDB) by 64.7% during the 4th quarter, Holdings Channel reports. The firm owned 12,093 shares of the bank’s stock after selling 22,130 shares during the period. Legato Capital Management LLC’s holdings in Independent Bank were worth $884,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Salomon & Ludwin LLC grew its position in shares of Independent Bank by 167.2% in the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after purchasing an additional 224 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of Independent Bank in the third quarter valued at approximately $32,000. EverSource Wealth Advisors LLC grew its position in shares of Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after purchasing an additional 385 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in shares of Independent Bank in the third quarter valued at approximately $37,000. Finally, Danske Bank A S acquired a new stake in shares of Independent Bank in the third quarter valued at approximately $42,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on INDB shares. Independent Research set a $95.00 price target on shares of Independent Bank in a research report on Friday, May 15th. Piper Sandler started coverage on shares of Independent Bank in a research report on Monday, March 16th. They issued a “neutral” rating and a $84.00 price target on the stock. Keefe, Bruyette & Woods lowered their price target on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a research report on Monday, April 20th. Barclays increased their price target on shares of Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research report on Tuesday, April 7th. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $97.00 price target on shares of Independent Bank in a research report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $90.71.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $78.82 on Tuesday. Independent Bank Corp. has a 1 year low of $57.01 and a 1 year high of $87.00. The firm’s 50 day moving average price is $77.22 and its 200 day moving average price is $76.74. The firm has a market cap of $3.81 billion, a P/E ratio of 15.64 and a beta of 0.78. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The firm had revenue of $252.72 million for the quarter, compared to analyst estimates of $251.45 million. During the same quarter last year, the business posted $1.06 EPS. As a group, sell-side analysts anticipate that Independent Bank Corp. will post 7.33 earnings per share for the current year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 30th were given a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.2%. This is an increase from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, March 30th. Independent Bank’s dividend payout ratio (DPR) is 50.79%.

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.