The Manufacturers Life Insurance Company Buys Shares of 326,056 Independent Bank Corp. $INDB

The Manufacturers Life Insurance Company purchased a new position in Independent Bank Corp. (NASDAQ:INDB) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 326,056 shares of the bank’s stock, valued at approximately $27,297,000. The Manufacturers Life Insurance Company owned approximately 0.69% of Independent Bank at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of INDB. BlackRock Inc. acquired a new stake in Independent Bank during the 2nd quarter worth approximately $584,333,000. Norges Bank bought a new position in Independent Bank in the fourth quarter valued at approximately $46,117,000. Bank of America Corp DE boosted its holdings in shares of Independent Bank by 16.6% in the first quarter. Bank of America Corp DE now owns 592,665 shares of the bank’s stock valued at $44,574,000 after buying an additional 84,282 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Independent Bank by 4,172.0% in the first quarter. Fifth Third Bancorp now owns 12,816 shares of the bank’s stock valued at $964,000 after buying an additional 12,516 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Independent Bank by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock worth $90,082,000 after acquiring an additional 20,278 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Price Performance

NASDAQ INDB opened at $82.42 on Friday. The firm’s 50 day moving average is $84.31 and its 200-day moving average is $80.66. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $3.90 billion, a PE ratio of 14.88 and a beta of 0.78. Independent Bank Corp. has a 12-month low of $63.33 and a 12-month high of $87.50.

Independent Bank (NASDAQ:INDB) last announced its 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). The business had revenue of $253.32 million for the quarter, compared to analyst estimates of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. Equities research analysts anticipate that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

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

Analysts Set New Price Targets

INDB has been the topic of a number of research analyst reports. Independent Research set a $95.00 price objective on shares of Independent Bank in a report on Friday, May 15th. Hovde Group assumed coverage on shares of Independent Bank in a research note on Friday, May 15th. They issued an “outperform” rating and a $95.00 target price for the company. Piper Sandler increased their target price on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods cut their price target on Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $91.86.

Insider Transactions at Independent Bank

In other news, Director Gerard F. Nadeau sold 5,307 shares of the firm’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 owned 16,907 shares in the company, valued at $1,431,853.83. This trade represents a 23.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas R. Venables sold 3,750 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the transaction, the director owned 17,649 shares of the company’s stock, valued at $1,464,867. The trade was a 17.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.60% of the company’s stock.

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.