Rockland Trust Co. Sells 45,833 Shares of Independent Bank Corp. $INDB

Rockland Trust Co. cut its holdings in Independent Bank Corp. (NASDAQ:INDB) by 6.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 685,439 shares of the bank’s stock after selling 45,833 shares during the quarter. Independent Bank comprises 1.9% of Rockland Trust Co.’s portfolio, making the stock its 11th largest position. Rockland Trust Co. owned approximately 1.37% of Independent Bank worth $47,412,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of INDB. Royal Bank of Canada lifted its stake in shares of Independent Bank by 10.6% in the 1st quarter. Royal Bank of Canada now owns 12,451 shares of the bank’s stock valued at $779,000 after purchasing an additional 1,189 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Independent Bank by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank’s stock valued at $1,583,000 after purchasing an additional 1,112 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Independent Bank by 2.0% in the first quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock valued at $37,584,000 after buying an additional 11,714 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Independent Bank by 8.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank’s stock worth $6,623,000 after buying an additional 8,435 shares during the last quarter. Finally, Jane Street Group LLC grew its position in shares of Independent Bank by 1,222.7% during the 1st quarter. Jane Street Group LLC now owns 74,057 shares of the bank’s stock worth $4,640,000 after buying an additional 68,458 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Trading Down 1.0%

Shares of NASDAQ:INDB opened at $85.18 on Tuesday. The firm has a market cap of $4.22 billion, a price-to-earnings ratio of 19.14 and a beta of 0.80. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $87.00. The company’s fifty day simple moving average is $77.11 and its 200 day simple moving average is $71.68. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23.

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 analysts’ consensus estimates of $1.65 by $0.05. The firm had revenue of $253.93 million during the quarter, compared to analysts’ expectations of $249.64 million. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%. As a group, research analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Monday, December 29th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, December 29th. Independent Bank’s dividend payout ratio (DPR) is currently 53.03%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Barclays lowered shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price objective on the stock. in a research note on Monday, February 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $80.00 to $83.00 in a report on Tuesday, October 21st. Finally, Independent Research set a $80.00 price objective on Independent Bank in a research note on Wednesday, December 17th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Independent Bank presently has a consensus rating of “Hold” and an average price target of $76.50.

Insider Activity at Independent Bank

In related news, Director Ken S. Ansin sold 53,000 shares of the firm’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $69.06, for a total value of $3,660,180.00. Following the completion of the transaction, the director owned 53,738 shares of the company’s stock, valued at approximately $3,711,146.28. This trade represents a 49.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Donna L. Abelli sold 524 shares of Independent Bank stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total transaction of $44,540.00. Following the completion of the sale, the director owned 13,247 shares in the company, valued at $1,125,995. The trade was a 3.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 58,917 shares of company stock worth $4,115,033. 0.81% of the stock is currently owned by corporate insiders.

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.