24,500 Shares in Independent Bank Corp. $INDB Bought by 71 West Capital Partners

71 West Capital Partners purchased a new position in shares of Independent Bank Corp. (NASDAQ:INDB) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 24,500 shares of the bank’s stock, valued at approximately $1,790,000.

Several other institutional investors have also bought and sold shares of INDB. Salomon & Ludwin LLC grew its holdings in Independent Bank by 167.2% during the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after buying an additional 224 shares in the last quarter. Advisory Services Network LLC bought a new stake in Independent Bank during the third quarter worth $32,000. EverSource Wealth Advisors LLC grew its holdings in Independent Bank by 233.3% during the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after buying an additional 385 shares in the last quarter. Danske Bank A S bought a new stake in Independent Bank during the third quarter worth $42,000. Finally, First Horizon Corp grew its holdings in Independent Bank by 47.8% during the fourth quarter. First Horizon Corp now owns 659 shares of the bank’s stock worth $48,000 after buying an additional 213 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

Insider Activity at Independent Bank

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

Independent Bank Stock Down 1.5%

Shares of NASDAQ INDB opened at $82.05 on Tuesday. Independent Bank Corp. has a one year low of $57.01 and a one year high of $87.00. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The business’s fifty day moving average price is $78.72 and its 200-day moving average price is $77.85. The stock has a market capitalization of $3.97 billion, a PE ratio of 16.28 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last issued its quarterly 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). Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. The firm had revenue of $252.72 million for the quarter, compared to analysts’ expectations of $251.45 million. During the same period in the prior year, the company earned $1.06 EPS. On average, equities research analysts anticipate that Independent Bank Corp. will post 7.33 EPS for the current year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were given a dividend of $0.64 per share. The ex-dividend date of this dividend was Monday, March 30th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from Independent Bank’s previous quarterly dividend of $0.59. Independent Bank’s payout ratio is currently 50.79%.

Analyst Upgrades and Downgrades

INDB has been the subject of several recent research reports. Piper Sandler initiated coverage on Independent Bank in a report on Monday, March 16th. They set a “neutral” rating and a $84.00 price target for the company. Stephens initiated coverage on Independent Bank in a report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price target for the company. Barclays upped their price target on Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a report on Tuesday, April 7th. Independent Research set a $95.00 price target on Independent Bank in a report on Friday, May 15th. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $97.00 price objective on shares of Independent Bank in a research report on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Independent Bank 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.