NFJ Investment Group LLC Sells 17,282 Shares of Independent Bank Corp. $INDB

NFJ Investment Group LLC lessened its stake in Independent Bank Corp. (NASDAQ:INDB) by 3.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 478,234 shares of the bank’s stock after selling 17,282 shares during the quarter. Independent Bank comprises about 1.3% of NFJ Investment Group LLC’s investment portfolio, making the stock its 23rd largest holding. NFJ Investment Group LLC owned about 0.96% of Independent Bank worth $34,949,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Harbor Capital Advisors Inc. increased its holdings in shares of Independent Bank by 1.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank’s stock worth $930,000 after acquiring an additional 134 shares in the last quarter. Xponance LLC increased its holdings in shares of Independent Bank by 3.6% in the fourth quarter. Xponance LLC now owns 3,981 shares of the bank’s stock worth $291,000 after acquiring an additional 140 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Independent Bank by 26.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock worth $52,000 after acquiring an additional 146 shares in the last quarter. Profund Advisors LLC increased its holdings in shares of 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. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of Independent Bank by 0.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,246 shares of the bank’s stock worth $1,821,000 after acquiring an additional 177 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Performance

Shares of NASDAQ INDB opened at $83.27 on Friday. The stock has a 50 day moving average price of $78.62 and a 200 day moving average price of $77.75. Independent Bank Corp. has a 52 week low of $57.01 and a 52 week high of $87.00. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $4.02 billion, a PE ratio of 16.52 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, April 16th. The bank reported $1.68 EPS for the quarter, missing the consensus estimate of $1.70 by ($0.02). Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. The company had revenue of $252.72 million for the quarter, compared to analyst estimates of $251.45 million. During the same period last year, the company posted $1.06 earnings per share. Analysts predict that Independent Bank Corp. will post 7.33 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 30th were paid a $0.64 dividend. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 annualized dividend and a yield of 3.1%. The ex-dividend date was Monday, March 30th. Independent Bank’s dividend payout ratio is currently 50.79%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on INDB. Stephens began coverage on Independent Bank in a report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price target for the company. Barclays increased their price target on Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a report on Tuesday, April 7th. Raymond James Financial restated a “strong-buy” rating and issued a $97.00 price target on shares of Independent Bank in a report on Friday, April 17th. Independent Research set a $95.00 price target on Independent Bank in a report on Friday, May 15th. Finally, Hovde Group began coverage on Independent Bank in a report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Independent Bank presently has an average rating of “Moderate Buy” and an average price target of $90.71.

Insider Activity at Independent Bank

In other news, Director Joseph C. Lerner sold 2,832 shares of Independent Bank stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the transaction, the director directly owned 16,215 shares in the company, valued at approximately $1,253,581.65. The trade was a 14.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.60% of the company’s stock.

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.