Sanctuary Advisors LLC Acquires Shares of 10,070 Independent Bank Corp. $INDB

Sanctuary Advisors LLC bought a new position in shares of Independent Bank Corp. (NASDAQ:INDB) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 10,070 shares of the bank’s stock, valued at approximately $843,000.

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

Analyst Upgrades and Downgrades

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

Insider Transactions at Independent Bank

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

Independent Bank Trading Down 0.4%

Independent Bank stock opened at $82.06 on Friday. Independent Bank Corp. has a 12 month low of $63.33 and a 12 month high of $87.50. The company has a market capitalization of $3.89 billion, a price-to-earnings ratio of 14.81 and a beta of 0.78. The business’s fifty day simple moving average is $84.33 and its two-hundred day simple moving average is $80.67. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results 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). The company had revenue of $253.32 million for the quarter, compared to the consensus estimate of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. As a group, equities analysts predict that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

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

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.