California State Teachers Retirement System Buys 8,837 Shares of Independent Bank Corp. $INDB

California State Teachers Retirement System boosted its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 18.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 56,613 shares of the bank’s stock after buying an additional 8,837 shares during the period. California State Teachers Retirement System owned approximately 0.12% of Independent Bank worth $4,258,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of INDB. Norges Bank purchased a new position in Independent Bank in the 4th quarter worth about $46,117,000. Geode Capital Management LLC raised its position in shares of Independent Bank by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock worth $90,082,000 after acquiring an additional 20,278 shares in the last quarter. Fifth Third Bancorp raised its stake in shares of Independent Bank by 4,172.0% during the 1st quarter. Fifth Third Bancorp now owns 12,816 shares of the bank’s stock worth $964,000 after acquiring an additional 12,516 shares in the last quarter. Louisiana State Employees Retirement System acquired a new stake in shares of Independent Bank in the 1st quarter worth $1,655,000. Finally, Deprince Race & Zollo Inc. increased its holdings in shares of Independent Bank by 1.3% during the fourth quarter. Deprince Race & Zollo Inc. now owns 1,046,475 shares of the bank’s stock valued at $76,476,000 after acquiring an additional 13,935 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

INDB stock opened at $83.73 on Friday. The stock has a 50-day moving average price of $83.22 and a 200-day moving average price of $80.32. Independent Bank Corp. has a 1-year low of $62.90 and a 1-year high of $87.50. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.14. The firm has a market cap of $4.05 billion, a PE ratio of 15.11 and a beta of 0.78.

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

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Monday, June 29th were paid a $0.64 dividend. The ex-dividend date was Monday, June 29th. This represents a $2.56 annualized dividend and a yield of 3.1%. Independent Bank’s dividend payout ratio (DPR) is 46.21%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on INDB. Piper Sandler boosted their target price on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $97.00 price target on shares of Independent Bank in a research note on Friday, April 17th. Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Monday, July 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday. Finally, Stephens initiated coverage on Independent Bank in a report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price objective for the company. One investment 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $91.86.

Insider Activity

In related news, Director Gerard F. Nadeau sold 5,307 shares of Independent Bank stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the sale, the director owned 16,907 shares of the company’s stock, valued at approximately $1,431,853.83. The trade was a 23.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph C. Lerner sold 2,832 shares of the company’s stock in a transaction on Monday, May 18th. The shares were 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 in the company, valued at $1,253,581.65. This represents a 14.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.60% of the company’s stock.

About Independent Bank

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.