Hsbc Holdings PLC Invests $6.96 Million in Independent Bank Corp. $INDB

Hsbc Holdings PLC bought a new stake in Independent Bank Corp. (NASDAQ:INDB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 83,191 shares of the bank’s stock, valued at approximately $6,958,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Independent Bank in the 2nd quarter valued at $584,333,000. Alliancebernstein L.P. boosted its holdings in Independent Bank by 57.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock valued at $107,102,000 after acquiring an additional 624,833 shares during the period. Geode Capital Management LLC boosted its holdings in Independent Bank by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock valued at $90,082,000 after acquiring an additional 20,278 shares during the period. Verition Fund Management LLC grew its position in Independent Bank by 17.6% in the 3rd quarter. Verition Fund Management LLC now owns 946,006 shares of the bank’s stock valued at $65,435,000 after acquiring an additional 141,888 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Independent Bank by 17.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 810,155 shares of the bank’s stock worth $59,206,000 after purchasing an additional 120,362 shares during the period. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Insider Activity

In other Independent Bank news, Director Gerard F. Nadeau sold 5,307 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the transaction, the director directly owned 16,907 shares in the company, valued at approximately $1,431,853.83. The trade was a 23.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas R. Venables sold 3,750 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the sale, the director directly owned 17,649 shares in the company, valued at approximately $1,464,867. The trade was a 17.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on INDB. Piper Sandler lifted their price objective on shares of Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Hovde Group started coverage on shares of Independent Bank in a research report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price target for the company. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research report on Monday, July 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th. Finally, Independent Research set a $95.00 target price on Independent Bank in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.86.

Independent Bank Trading Down 0.3%

NASDAQ INDB opened at $82.31 on Thursday. The firm’s fifty day moving average is $84.08 and its two-hundred day moving average is $80.58. Independent Bank Corp. has a one year low of $63.33 and a one year high of $87.50. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $3.90 billion, a PE ratio of 14.86 and a beta of 0.76.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). The firm had revenue of $253.32 million during the quarter, compared to analysts’ expectations of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. Analysts expect that Independent Bank Corp. will post 7.11 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank’s dividend payout ratio is presently 46.21%.

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.