Dean Capital Management Trims Holdings in Independent Bank Corp. $INDB

Dean Capital Management trimmed its holdings in Independent Bank Corp. (NASDAQ:INDB) by 58.1% in the 4th quarter, Holdings Channel reports. The fund owned 22,916 shares of the bank’s stock after selling 31,759 shares during the quarter. Dean Capital Management’s holdings in Independent Bank were worth $1,675,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Harbor Capital Advisors Inc. boosted its stake in Independent Bank by 1.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank’s stock worth $930,000 after acquiring an additional 134 shares in the last quarter. Xponance LLC increased its stake in shares of Independent Bank by 3.6% during the fourth quarter. Xponance LLC now owns 3,981 shares of the bank’s stock valued at $291,000 after purchasing an additional 140 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Independent Bank by 26.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock valued at $52,000 after purchasing an additional 146 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its stake 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 purchasing an additional 161 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Independent Bank by 0.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,246 shares of the bank’s stock valued at $1,821,000 after purchasing an additional 177 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Joseph C. Lerner sold 2,832 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $77.31, for a total value of $218,941.92. Following the transaction, the director directly owned 16,215 shares of the company’s stock, valued at approximately $1,253,581.65. This represents a 14.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by insiders.

Independent Bank Stock Down 0.0%

NASDAQ:INDB opened at $81.05 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $3.92 billion, a P/E ratio of 16.08 and a beta of 0.77. Independent Bank Corp. has a fifty-two week low of $57.01 and a fifty-two week high of $87.00. The firm has a 50-day simple moving average of $78.96 and a two-hundred day simple moving average of $78.04.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The firm had revenue of $252.72 million during the quarter, compared to the consensus estimate of $251.45 million. During the same quarter in the prior year, the company posted $1.06 EPS. Analysts predict that Independent Bank Corp. will post 7.33 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Monday, June 29th will be issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Monday, June 29th. Independent Bank’s payout ratio is presently 50.79%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods dropped their price target on Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a research report on Monday, April 20th. Independent Research set a $95.00 price objective on Independent Bank in a research report on Friday, May 15th. Raymond James Financial reiterated a “strong-buy” rating and set a $97.00 price objective on shares of Independent Bank in a research note on Friday, April 17th. Piper Sandler assumed coverage on Independent Bank in a research note on Monday, March 16th. They set a “neutral” rating and a $84.00 price objective for the company. Finally, Weiss Ratings raised Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. One equities research 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 given a Sell rating to the company. According to data from MarketBeat.com, Independent Bank has a consensus rating of “Moderate Buy” and an average price target 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.