Independent Bank Corp. $INDB Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC lessened its stake in Independent Bank Corp. (NASDAQ:INDB) by 6.7% in the 4th quarter, Holdings Channel reports. The firm owned 90,194 shares of the bank’s stock after selling 6,472 shares during the period. ProShare Advisors LLC’s holdings in Independent Bank were worth $6,591,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Harbor Capital Advisors Inc. increased its holdings in Independent Bank by 1.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank’s stock valued at $930,000 after purchasing an additional 134 shares during the last quarter. Profund Advisors LLC grew its stake in shares of Independent Bank by 5.0% in the third quarter. Profund Advisors LLC now owns 3,732 shares of the bank’s stock worth $258,000 after acquiring an additional 177 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Independent Bank by 0.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,246 shares of the bank’s stock worth $1,821,000 after acquiring an additional 177 shares in the last quarter. State of Alaska Department of Revenue grew its stake in shares of Independent Bank by 0.7% in the fourth quarter. State of Alaska Department of Revenue now owns 27,006 shares of the bank’s stock worth $1,973,000 after acquiring an additional 193 shares in the last quarter. Finally, Osaic Holdings Inc. grew its stake in shares of Independent Bank by 23.3% in the second quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock worth $70,000 after acquiring an additional 211 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Performance

Shares of INDB stock opened at $78.82 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The firm has a fifty day moving average price of $77.15 and a 200 day moving average price of $76.60. The company has a market cap of $3.81 billion, a P/E ratio of 15.64 and a beta of 0.78. Independent Bank Corp. has a 12 month low of $57.01 and a 12 month high of $87.00.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, April 16th. The bank reported $1.68 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). The firm had revenue of $252.72 million for the quarter, compared to analyst estimates of $251.45 million. Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.During the same quarter in the previous year, the firm posted $1.06 EPS. Sell-side analysts predict that Independent Bank Corp. will post 7.33 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 30th were paid a dividend of $0.64 per share. The ex-dividend date was Monday, March 30th. This is an increase from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank’s payout ratio is presently 50.79%.

Analyst Ratings Changes

INDB has been the subject of several research reports. Weiss Ratings upgraded shares of Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. Independent Research set a $95.00 price target on shares of Independent Bank in a research note on Friday, May 15th. Stephens initiated coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price target for the company. Keefe, Bruyette & Woods dropped their price target on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating for the company in a research note on Monday, April 20th. Finally, Raymond James Financial restated a “strong-buy” rating and issued a $97.00 price target on shares of Independent Bank in a research note on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $90.71.

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.