Sachetta LLC Grows Stock Holdings in Independent Bank Corp. $INDB

Sachetta LLC grew its holdings in Independent Bank Corp. (NASDAQ:INDB) by 555.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,045 shares of the bank’s stock after purchasing an additional 6,817 shares during the quarter. Sachetta LLC’s holdings in Independent Bank were worth $588,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Independent Bank by 14.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock worth $411,134,000 after purchasing an additional 769,086 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Independent Bank by 10.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,606,415 shares of the bank’s stock worth $180,286,000 after purchasing an additional 250,651 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Independent Bank by 57.9% in the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after purchasing an additional 624,833 shares in the last quarter. Rockland Trust Co. lifted its stake in Independent Bank by 84.1% in the 4th quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock worth $92,199,000 after purchasing an additional 576,183 shares in the last quarter. Finally, Deprince Race & Zollo Inc. lifted its stake in Independent Bank by 1.3% in the 4th quarter. Deprince Race & Zollo Inc. now owns 1,046,475 shares of the bank’s stock worth $76,476,000 after purchasing an additional 13,935 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Independent Bank

In related news, Director Donna L. Abelli sold 524 shares of Independent Bank stock in a transaction that occurred 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 completion of the sale, the director owned 13,247 shares in the company, valued at approximately $1,125,995. This trade represents a 3.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John J. Morrissey sold 1,988 shares of Independent Bank stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $85.70, for a total transaction of $170,371.60. Following the completion of the sale, the director owned 12,747 shares of the company’s stock, valued at $1,092,417.90. This trade represents a 13.49% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is currently owned by company insiders.

Independent Bank Stock Down 0.7%

INDB stock opened at $77.45 on Friday. The firm has a market cap of $3.76 billion, a PE ratio of 15.37 and a beta of 0.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 0.93. The firm’s 50 day moving average price is $77.57 and its 200-day moving average price is $75.64. Independent Bank Corp. has a one year low of $57.01 and a one year high of $87.00.

Independent Bank (NASDAQ:INDB) last released 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). The firm had revenue of $252.72 million for the quarter, compared to analysts’ expectations of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same period in the previous year, the firm posted $1.06 EPS. On average, equities research analysts anticipate that Independent Bank Corp. will post 7.33 EPS for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 30th were issued a $0.64 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, March 30th. This represents a $2.56 annualized dividend and a yield of 3.3%. Independent Bank’s payout ratio is 50.79%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Stephens began coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price on the stock. Barclays lifted 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. Piper Sandler began coverage on shares of Independent Bank in a research report on Monday, March 16th. They set a “neutral” rating and a $84.00 price target on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and set a $97.00 price target on shares of Independent Bank in a research report on Friday, April 17th. Finally, Keefe, Bruyette & Woods reduced 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. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $87.50.

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.