Banc Funds Co. LLC Acquires New Position in Independent Bank Corp. $INDB

Banc Funds Co. LLC acquired a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) in the 3rd quarter, HoldingsChannel reports. The firm acquired 16,449 shares of the bank’s stock, valued at approximately $1,138,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in INDB. Royal Bank of Canada increased 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 last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Independent Bank by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank’s stock worth $1,583,000 after buying an additional 1,112 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Independent Bank by 2.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock worth $37,584,000 after buying an additional 11,714 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Independent Bank by 8.7% during the 1st 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 boosted its stake in Independent Bank by 1,222.7% in the first quarter. Jane Street Group LLC now owns 74,057 shares of the bank’s stock valued at $4,640,000 after buying an additional 68,458 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Insider Activity at Independent Bank

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

Independent Bank Trading Down 0.5%

NASDAQ INDB opened at $74.74 on Friday. 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 Corp. has a twelve month low of $52.15 and a twelve month high of $87.00. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 16.80 and a beta of 0.79. The business’s fifty day moving average is $79.47 and its 200 day moving average is $74.01.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.05. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. The business had revenue of $253.93 million during the quarter, compared to analyst estimates of $249.64 million. As a group, sell-side analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

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.