Intech Investment Management LLC Sells 11,639 Shares of Independent Bank Corp. $INDB

Intech Investment Management LLC lessened its holdings in Independent Bank Corp. (NASDAQ:INDB) by 35.9% in the fourth quarter, HoldingsChannel reports. The fund owned 20,795 shares of the bank’s stock after selling 11,639 shares during the period. Intech Investment Management LLC’s holdings in Independent Bank were worth $1,520,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Cibc World Market Inc. bought a new position in Independent Bank during the third quarter valued at $6,506,000. HighTower Advisors LLC boosted its stake in shares of Independent Bank by 242.9% during the third quarter. HighTower Advisors LLC now owns 23,406 shares of the bank’s stock valued at $1,619,000 after purchasing an additional 16,581 shares during the period. Spinnaker Trust purchased a new stake in shares of Independent Bank during the third quarter valued at $1,856,000. Rockland Trust Co. boosted its stake in shares of Independent Bank by 84.1% during the fourth quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock valued at $92,199,000 after purchasing an additional 576,183 shares during the period. Finally, White Pine Capital LLC purchased a new stake in shares of Independent Bank during the third quarter valued at $1,792,000. Institutional investors own 83.40% of the company’s stock.

Insiders Place Their Bets

In related news, Director Joseph C. Lerner sold 2,832 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $77.31, for a total value of $218,941.92. Following the completion of the sale, the director directly owned 16,215 shares of the company’s stock, valued at $1,253,581.65. This represents a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Barclays boosted their target price on shares of Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research note on Tuesday, April 7th. Piper Sandler assumed coverage on shares of Independent Bank in a research note on Monday, March 16th. They set a “neutral” rating and a $84.00 target price for the company. Keefe, Bruyette & Woods lowered their target price 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. Independent Research set a $95.00 target price on shares of Independent Bank in a research note on Friday, May 15th. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $97.00 target price on shares of Independent Bank in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Independent Bank has an average rating of “Moderate Buy” and an average price target of $90.71.

Independent Bank Stock Up 1.1%

NASDAQ:INDB opened at $79.57 on Friday. Independent Bank Corp. has a 1-year low of $57.01 and a 1-year high of $87.00. The company has a 50-day moving average of $77.96 and a 200 day moving average of $77.26. The firm has a market cap of $3.85 billion, a PE ratio of 15.79 and a beta of 0.77. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The business had revenue of $252.72 million during the quarter, compared to analysts’ expectations of $251.45 million. During the same period last year, the company earned $1.06 earnings per share. As a group, research analysts anticipate that Independent Bank Corp. will post 7.33 EPS for the current fiscal year.

Independent Bank Increases Dividend

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

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.