Independent Bank Corp. $INDB Shares Sold by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. cut its stake in Independent Bank Corp. (NASDAQ:INDB) by 72.2% in the third quarter, Holdings Channel.com reports. The fund owned 12,597 shares of the bank’s stock after selling 32,713 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Independent Bank were worth $871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Rockland Trust Co. increased its stake in Independent Bank by 21.1% in the second quarter. Rockland Trust Co. now owns 731,272 shares of the bank’s stock valued at $43,268,000 after purchasing an additional 127,332 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of Independent Bank during the second quarter worth about $389,000. Squarepoint Ops LLC purchased a new position in shares of Independent Bank during the second quarter worth about $1,486,000. Edgestream Partners L.P. acquired a new position in Independent Bank in the 2nd quarter valued at about $946,000. Finally, First Trust Advisors LP increased its position in Independent Bank by 78.7% in the 2nd quarter. First Trust Advisors LP now owns 657,570 shares of the bank’s stock valued at $41,351,000 after acquiring an additional 289,590 shares during the period. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Insider Buying and Selling

In other Independent Bank news, Director Ken S. Ansin sold 53,000 shares of Independent Bank stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $69.06, for a total transaction of $3,660,180.00. Following the completion of the transaction, the director owned 53,738 shares in the company, valued at approximately $3,711,146.28. The trade was a 49.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas R. Venables sold 405 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $73.93, for a total transaction of $29,941.65. Following the completion of the sale, the director directly owned 20,557 shares in the company, valued at $1,519,779.01. This trade represents a 1.93% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 200,405 shares of company stock valued at $13,971,482. Corporate insiders own 0.81% of the company’s stock.

Independent Bank Stock Down 0.0%

Independent Bank stock opened at $75.68 on Friday. The stock’s 50 day moving average price is $71.72 and its 200 day moving average price is $68.82. Independent Bank Corp. has a 1-year low of $52.15 and a 1-year high of $78.17. The company has a market cap of $3.75 billion, a PE ratio of 18.41 and a beta of 0.81. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.94.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Wednesday, February 12th. The bank reported $1.01 earnings per share (EPS) for the quarter. The firm had revenue of $175.25 million during the quarter. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%. On average, sell-side analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 7th. Investors of record on Monday, December 29th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, December 29th. This represents a $2.36 dividend on an annualized basis and a yield of 3.1%. Independent Bank’s payout ratio is currently 57.42%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $80.00 to $83.00 in a report on Tuesday, October 21st. Barclays assumed coverage on shares of Independent Bank in a research report on Wednesday, December 17th. They issued an “equal weight” rating and a $80.00 price objective on the stock. Finally, Independent Research set a $80.00 price objective on shares of Independent Bank in a research report on Wednesday, December 17th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $76.80.

Independent Bank 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.