SG Americas Securities LLC Takes Position in Independent Bank Corp. $INDB

SG Americas Securities LLC purchased a new position in shares of Independent Bank Corp. (NASDAQ:INDB) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 236,333 shares of the bank’s stock, valued at approximately $17,271,000. SG Americas Securities LLC owned 0.48% of Independent Bank at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in INDB. Cibc World Market Inc. purchased a new stake in shares of Independent Bank in the third quarter worth about $6,506,000. HighTower Advisors LLC raised its holdings in shares of Independent Bank by 242.9% during the 3rd quarter. HighTower Advisors LLC now owns 23,406 shares of the bank’s stock valued at $1,619,000 after buying an additional 16,581 shares during the period. Spinnaker Trust purchased a new stake in shares of Independent Bank during the 3rd quarter valued at about $1,856,000. Squarepoint Ops LLC acquired a new position in Independent Bank during the 2nd quarter worth approximately $1,486,000. Finally, White Pine Capital LLC acquired a new position in Independent Bank during the 3rd quarter worth approximately $1,792,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Trading Down 1.8%

Shares of INDB opened at $73.73 on Friday. Independent Bank Corp. has a one year low of $52.15 and a one year high of $87.00. The stock has a 50-day moving average price of $79.35 and a 200 day moving average price of $74.22. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market capitalization of $3.61 billion, a P/E ratio of 16.57 and a beta of 0.79.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data 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 company had revenue of $253.93 million for the quarter, compared to the consensus estimate of $249.64 million. Sell-side analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 30th will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, March 30th. Independent Bank’s payout ratio is presently 53.03%.

Insider Buying and Selling at Independent Bank

In related news, Director Donna L. Abelli sold 524 shares of the company’s stock in a transaction 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 sale, the director directly owned 13,247 shares of the company’s stock, valued at $1,125,995. This represents a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John J. Morrissey sold 1,988 shares of the 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 transaction, the director owned 12,747 shares in the company, valued at $1,092,417.90. This trade represents a 13.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on INDB shares. Barclays downgraded shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price objective for the company. in a research report on Monday, February 2nd. Piper Sandler initiated coverage on shares of Independent Bank in a research report on Monday, March 16th. They set a “neutral” rating and a $84.00 target price on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Finally, Independent Research set a $80.00 price target on shares of Independent Bank in a report on Wednesday, December 17th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Independent Bank has a consensus rating of “Hold” and an average price target of $81.75.

About Independent Bank

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.