Independent Bank Corp. $INDB is Rockland Trust Co.’s 2nd Largest Position

Rockland Trust Co. decreased its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,427,951 shares of the bank’s stock after selling 42,487 shares during the period. Independent Bank makes up approximately 4.7% of Rockland Trust Co.’s holdings, making the stock its 2nd largest holding. Rockland Trust Co. owned approximately 2.95% of Independent Bank worth $119,548,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in INDB. Royal Bank of Canada increased its position in shares of Independent Bank by 10.6% during 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. lifted its position in Independent Bank by 4.6% in 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 during the last quarter. Goldman Sachs Group Inc. boosted 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 worth $37,584,000 after buying an additional 11,714 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Independent Bank by 8.7% in 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 in the last quarter. Finally, Jane Street Group LLC grew its position in Independent Bank by 1,222.7% during the first quarter. Jane Street Group LLC now owns 74,057 shares of the bank’s stock valued at $4,640,000 after acquiring an additional 68,458 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Insider Transactions at Independent Bank

In other news, Director Joseph C. Lerner sold 2,832 shares of Independent Bank stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $77.31, for a total value of $218,941.92. Following the sale, the director directly owned 16,215 shares in the company, valued at approximately $1,253,581.65. This trade represents a 14.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gerard F. Nadeau sold 5,307 shares of Independent Bank stock in a transaction that occurred on 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 sale, the director owned 16,907 shares in the company, valued at approximately $1,431,853.83. This represents a 23.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on INDB. Stephens assumed coverage on shares of Independent Bank in a report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price objective for the company. Independent Research set a $95.00 target price on shares of Independent Bank in a report on Friday, May 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday. Hovde Group started coverage on shares of Independent Bank in a research report on Friday, May 15th. They set an “outperform” rating and a $95.00 price target for the company. Finally, Keefe, Bruyette & Woods reduced their price objective on Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Independent Bank presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.86.

Independent Bank Stock Down 0.3%

Shares of NASDAQ INDB opened at $83.73 on Friday. The firm’s fifty day moving average is $83.22 and its 200 day moving average is $80.32. Independent Bank Corp. has a 52 week low of $62.90 and a 52 week high of $87.50. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.14. The company has a market cap of $4.05 billion, a price-to-earnings ratio of 15.11 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). The firm had revenue of $253.32 million during the quarter, compared to analysts’ expectations of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. On average, equities research analysts expect 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. Investors of record on Monday, June 29th were paid a $0.64 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. Independent Bank’s dividend payout ratio (DPR) is presently 46.21%.

Independent Bank 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.