Rafferty Asset Management LLC Has $4.29 Million Holdings in Independent Bank Corp. $INDB

Rafferty Asset Management LLC boosted its holdings in Independent Bank Corp. (NASDAQ:INDB) by 27.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 61,946 shares of the bank’s stock after purchasing an additional 13,385 shares during the quarter. Rafferty Asset Management LLC owned 0.12% of Independent Bank worth $4,285,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of INDB. Cibc World Market Inc. acquired a new stake in Independent Bank during the third quarter worth about $6,506,000. HighTower Advisors LLC lifted its holdings in shares of Independent Bank by 242.9% during the 3rd quarter. HighTower Advisors LLC now owns 23,406 shares of the bank’s stock worth $1,619,000 after acquiring an additional 16,581 shares during the period. Spinnaker Trust acquired a new stake in shares of Independent Bank during the 3rd quarter worth approximately $1,856,000. Y Intercept Hong Kong Ltd bought a new position in Independent Bank in the second quarter valued at approximately $389,000. Finally, Squarepoint Ops LLC bought a new position in Independent Bank in the second quarter valued at approximately $1,486,000. Institutional investors own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

INDB has been the subject of several recent analyst reports. Independent Research set a $80.00 target price on Independent Bank in a research note on Wednesday, December 17th. Barclays downgraded shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target for the company. in a report on Monday, February 2nd. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $76.50.

Independent Bank Stock Down 0.5%

Shares of NASDAQ:INDB opened at $79.48 on Wednesday. The company has a market capitalization of $3.89 billion, a price-to-earnings ratio of 17.86 and a beta of 0.79. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The business’s 50-day moving average is $79.11 and its 200-day moving average is $73.60. Independent Bank Corp. has a 1 year low of $52.15 and a 1 year high of $87.00.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, topping the consensus estimate of $1.65 by $0.05. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%.The business had revenue of $253.93 million during the quarter, compared to analysts’ expectations of $249.64 million. Equities research analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Monday, December 29th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, December 29th. Independent Bank’s payout ratio is presently 53.03%.

Insider Activity at Independent Bank

In related news, Director Donna L. Abelli sold 524 shares of the stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total transaction of $44,540.00. Following the transaction, the director directly owned 13,247 shares of the company’s stock, valued at $1,125,995. This represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John J. Morrissey sold 1,988 shares of the firm’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $85.70, for a total transaction of $170,371.60. Following the completion of the sale, the director owned 12,747 shares of the company’s stock, valued at $1,092,417.90. The trade was a 13.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 2,917 shares of company stock worth $244,853 in the last quarter. Company insiders own 0.81% of the company’s stock.

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.