Reinhart Partners LLC. Increases Position in Independent Bank Corp. $INDB

Reinhart Partners LLC. lifted its position in Independent Bank Corp. (NASDAQ:INDB) by 1.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 657,871 shares of the bank’s stock after acquiring an additional 8,575 shares during the period. Reinhart Partners LLC. owned 1.36% of Independent Bank worth $55,078,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in INDB. Salomon & Ludwin LLC raised its stake in shares of Independent Bank by 167.2% in the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after purchasing an additional 224 shares during the last quarter. Ballast Advisors LLC purchased a new stake in Independent Bank in the first quarter valued at approximately $30,000. Advisory Services Network LLC purchased a new stake in Independent Bank in the third quarter valued at approximately $32,000. EverSource Wealth Advisors LLC increased its holdings in Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after buying an additional 385 shares during the period. Finally, Danske Bank A S purchased a new position in Independent Bank during the 3rd quarter worth approximately $42,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Insider Activity

In related news, Director Joseph C. Lerner sold 2,832 shares of Independent Bank stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $77.31, for a total value of $218,941.92. Following the completion of the transaction, the director owned 16,215 shares in the company, valued at $1,253,581.65. The trade was a 14.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gerard F. Nadeau sold 5,307 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $1,431,853.83. The trade was a 23.89% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by insiders.

Analyst Ratings Changes

INDB has been the topic of several recent research reports. Piper Sandler upped 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. Raymond James Financial reaffirmed 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 research report on Friday, May 15th. Stephens assumed coverage on Independent Bank in a research note on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price objective for the company. Finally, Hovde Group assumed coverage on Independent Bank in a report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Independent Bank currently has a consensus rating of “Moderate Buy” and an average price target of $91.86.

Independent Bank Stock Performance

INDB opened at $83.73 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a fifty day moving average price of $83.22 and a 200 day moving average price of $80.32. Independent Bank Corp. has a 1 year low of $62.90 and a 1 year high of $87.50. The stock has a market cap of $4.05 billion, a P/E ratio of 15.11 and a beta of 0.78.

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

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were given a dividend of $0.64 per share. The ex-dividend date was Monday, June 29th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.1%. Independent Bank’s dividend payout ratio (DPR) is 46.21%.

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.