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

Vanguard Group Inc. boosted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 14.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 5,943,817 shares of the bank’s stock after buying an additional 769,086 shares during the quarter. Vanguard Group Inc. owned 0.12% of Independent Bank worth $411,134,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in INDB. Alliancebernstein L.P. raised its position in Independent Bank by 57.9% in the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after acquiring an additional 624,833 shares during the period. Geode Capital Management LLC grew its position in shares of Independent Bank by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,049,086 shares of the bank’s stock valued at $65,980,000 after acquiring an additional 6,889 shares during the period. First Trust Advisors LP increased its stake in shares of Independent Bank by 78.7% in the 2nd quarter. First Trust Advisors LP now owns 657,570 shares of the bank’s stock worth $41,351,000 after purchasing an additional 289,590 shares in the last quarter. FJ Capital Management LLC raised its holdings in Independent Bank by 26.4% in the 2nd quarter. FJ Capital Management LLC now owns 649,320 shares of the bank’s stock worth $40,832,000 after purchasing an additional 135,751 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Independent Bank by 2.0% during the first quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock valued at $37,584,000 after purchasing an additional 11,714 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $82.04 on Friday. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of 18.44 and a beta of 0.80. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock’s 50-day simple moving average is $78.96 and its 200-day simple moving average is $73.25. Independent Bank Corp. has a 52 week low of $52.15 and a 52 week high of $87.00.

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

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Monday, December 29th were given a dividend of $0.59 per share. The ex-dividend date was Monday, December 29th. This represents a $2.36 annualized dividend and a dividend yield of 2.9%. Independent Bank’s dividend payout ratio (DPR) is presently 53.03%.

Analysts Set New Price Targets

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

Insider Transactions at Independent Bank

In related news, Director John J. Morrissey sold 1,988 shares of the company’s stock in a transaction 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 transaction, the director owned 12,747 shares in the company, valued at approximately $1,092,417.90. This represents a 13.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas R. Venables sold 405 shares of the firm’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $73.93, for a total transaction of $29,941.65. Following the transaction, the director directly 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 2,917 shares of company stock valued at $244,853. 0.81% of the stock is currently owned by corporate insiders.

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.