JPMorgan Chase & Co. Raises Holdings in Independent Bank Corp. $INDB

JPMorgan Chase & Co. lifted its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 4.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 242,832 shares of the bank’s stock after buying an additional 10,393 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.49% of Independent Bank worth $16,797,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. CIBC Bancorp USA Inc. bought a new stake in shares of Independent Bank in the third quarter valued at about $360,000. Captrust Financial Advisors grew its holdings in Independent Bank by 97.7% during the 3rd quarter. Captrust Financial Advisors now owns 34,977 shares of the bank’s stock worth $2,419,000 after acquiring an additional 17,286 shares in the last quarter. Danske Bank A S bought a new position in Independent Bank during the 3rd quarter worth about $42,000. Advisory Services Network LLC purchased a new position in Independent Bank during the 3rd quarter valued at about $32,000. Finally, CANADA LIFE ASSURANCE Co increased its position in Independent Bank by 19.7% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 45,653 shares of the bank’s stock valued at $3,170,000 after purchasing an additional 7,511 shares during the period. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Insider Transactions at Independent Bank

In other Independent Bank news, Director John J. Morrissey sold 1,988 shares of the business’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $85.70, for a total transaction of $170,371.60. Following the sale, the director owned 12,747 shares in the company, valued at approximately $1,092,417.90. The trade was a 13.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donna L. Abelli sold 524 shares of the business’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total value of $44,540.00. Following the sale, the director owned 13,247 shares in the company, valued at approximately $1,125,995. The trade was a 3.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.81% of the company’s stock.

Independent Bank Trading Down 0.1%

Shares of Independent Bank stock opened at $74.95 on Thursday. The firm’s 50 day simple moving average is $79.44 and its two-hundred day simple moving average is $74.19. The firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of 16.84 and a beta of 0.79. Independent Bank Corp. has a 12-month low of $52.15 and a 12-month high of $87.00. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23.

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

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 9th. Investors of record on Monday, March 30th will be paid a $0.64 dividend. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, March 30th. This represents a $2.56 dividend on an annualized basis and a yield of 3.4%. Independent Bank’s dividend payout ratio (DPR) is 57.53%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on INDB shares. Barclays cut 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 research report on Monday, February 2nd. Independent Research set a $80.00 price objective on shares of Independent Bank in a report on Wednesday, December 17th. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Finally, Piper Sandler started coverage on Independent Bank in a report on Monday, March 16th. They set a “neutral” rating and a $84.00 target price for the company. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $81.75.

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.