Verition Fund Management LLC Sells 116,973 Shares of Independent Bank Corp. $INDB

Verition Fund Management LLC reduced its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 12.4% during the 4th quarter, Holdings Channel.com reports. The fund owned 829,033 shares of the bank’s stock after selling 116,973 shares during the period. Independent Bank accounts for about 0.2% of Verition Fund Management LLC’s portfolio, making the stock its 29th largest position. Verition Fund Management LLC’s holdings in Independent Bank were worth $60,586,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of INDB. Vanguard Group Inc. grew its holdings in shares of Independent Bank by 14.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock worth $411,134,000 after purchasing an additional 769,086 shares during the last quarter. Norges Bank bought a new position in shares of Independent Bank in the fourth quarter valued at about $46,117,000. Alliancebernstein L.P. raised its holdings in shares of Independent Bank by 57.9% in the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock valued at $107,102,000 after buying an additional 624,833 shares during the last quarter. Rockland Trust Co. lifted its position in Independent Bank by 84.1% during the 4th quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock worth $92,199,000 after buying an additional 576,183 shares in the last quarter. Finally, Citadel Advisors LLC grew its holdings in Independent Bank by 473.0% during the 3rd quarter. Citadel Advisors LLC now owns 349,635 shares of the bank’s stock worth $24,184,000 after acquiring an additional 288,613 shares during the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Performance

NASDAQ INDB opened at $83.27 on Monday. The stock has a 50-day simple moving average of $78.62 and a 200 day simple moving average of $77.79. The company has a market capitalization of $4.02 billion, a PE ratio of 16.52 and a beta of 0.78. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a 12 month low of $57.01 and a 12 month high of $87.00.

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

Independent Bank Increases Dividend

The company also recently disclosed 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. This represents a $2.56 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Monday, March 30th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. Independent Bank’s payout ratio is 50.79%.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of the company’s stock in a transaction that occurred on 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 owned 16,215 shares of the company’s stock, valued at approximately $1,253,581.65. This represents a 14.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a research note on Monday, April 20th. Independent Research set a $95.00 price objective on Independent Bank in a report on Friday, May 15th. Weiss Ratings raised Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. Piper Sandler assumed coverage on Independent Bank in a research note on Monday, March 16th. They set a “neutral” rating and a $84.00 price target on the stock. Finally, Stephens initiated coverage on Independent Bank in a research report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $90.71.

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.