Legal & General Group Plc Invests $9.38 Million in Independent Bank Corp. $INDB

Legal & General Group Plc purchased a new stake in Independent Bank Corp. (NASDAQ:INDB) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 112,026 shares of the bank’s stock, valued at approximately $9,379,000. Legal & General Group Plc owned approximately 0.24% of Independent Bank as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Xponance LLC lifted its holdings in Independent Bank by 3.6% during the 4th quarter. Xponance LLC now owns 3,981 shares of the bank’s stock worth $291,000 after purchasing an additional 140 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Independent Bank by 26.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock valued at $52,000 after buying an additional 146 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Independent Bank by 2.0% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank’s stock valued at $607,000 after buying an additional 161 shares during the period. Osaic Holdings Inc. increased its position in shares of Independent Bank by 23.3% during the second quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock valued at $70,000 after buying an additional 211 shares during the period. Finally, California State Teachers Retirement System lifted its holdings in shares of Independent Bank by 0.6% in the second quarter. California State Teachers Retirement System now owns 39,289 shares of the bank’s stock worth $2,471,000 after buying an additional 224 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Performance

Shares of INDB opened at $79.94 on Wednesday. The company has a market cap of $3.79 billion, a PE ratio of 14.43 and a beta of 0.76. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. The stock has a 50-day moving average price of $84.26 and a 200-day moving average price of $80.58. Independent Bank Corp. has a 12-month low of $63.33 and a 12-month high of $87.50.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.09). The business had revenue of $253.32 million for the quarter, compared to analysts’ expectations of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. As a group, equities analysts forecast that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were issued a $0.64 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank’s dividend payout ratio is presently 46.21%.

Insider Buying and Selling at Independent Bank

In related news, Director Thomas R. Venables sold 3,750 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the transaction, the director directly owned 17,649 shares in the company, valued at approximately $1,464,867. The trade was a 17.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gerard F. Nadeau sold 5,307 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total transaction of $449,449.83. Following the completion of the transaction, the director owned 16,907 shares of the company’s stock, valued at $1,431,853.83. This trade represents a 23.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Hovde Group assumed coverage on shares of Independent Bank in a research report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price objective for the company. Piper Sandler increased their target price on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a report on Wednesday, August 5th. Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Monday, July 20th. Finally, Independent Research set a $95.00 price target on shares of Independent Bank in a research report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.86.

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.