State of New Jersey Common Pension Fund D Purchases New Position in Independent Bank Corp. $INDB

State of New Jersey Common Pension Fund D acquired a new position in Independent Bank Corp. (NASDAQ:INDB) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 31,766 shares of the bank’s stock, valued at approximately $2,197,000.

Several other institutional investors have also added to or reduced their stakes in INDB. Nisa Investment Advisors LLC increased its holdings in shares of Independent Bank by 1.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock worth $680,000 after purchasing an additional 162 shares in the last quarter. Profund Advisors LLC increased its holdings in Independent Bank by 5.0% in the 3rd quarter. Profund Advisors LLC now owns 3,732 shares of the bank’s stock worth $258,000 after buying an additional 177 shares in the last quarter. Osaic Holdings Inc. raised its position in 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 buying an additional 211 shares during the last quarter. California State Teachers Retirement System raised its position in Independent Bank by 0.6% in the 2nd quarter. California State Teachers Retirement System now owns 39,289 shares of the bank’s stock worth $2,471,000 after buying an additional 224 shares during the last quarter. Finally, Tidal Investments LLC lifted its stake in Independent Bank by 5.3% during the 2nd quarter. Tidal Investments LLC now owns 4,979 shares of the bank’s stock valued at $313,000 after acquiring an additional 251 shares during the period. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director John J. Morrissey sold 1,988 shares of the business’s stock in a transaction that occurred 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 transaction, the director directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Donna L. Abelli sold 524 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total transaction of $44,540.00. Following the completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 2,917 shares of company stock valued at $244,853 in the last ninety days. Corporate insiders own 0.81% of the company’s stock.

Independent Bank Trading Down 4.2%

Shares of INDB stock opened at $79.99 on Tuesday. 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 company has a market cap of $3.97 billion, a price-to-earnings ratio of 17.98 and a beta of 0.80. Independent Bank Corp. has a 1 year low of $52.15 and a 1 year high of $87.00. The firm has a fifty day moving average price of $78.70 and a 200-day moving average price of $73.01.

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

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders 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 of this dividend was Monday, December 29th. Independent Bank’s payout ratio is presently 53.03%.

Analysts Set New Price Targets

A number of brokerages have recently commented on INDB. Independent Research set a $80.00 price target on shares of Independent Bank in a research note on Wednesday, December 17th. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a report on Thursday, January 22nd. Finally, Barclays downgraded shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 target price for the company. in a research report on Monday, February 2nd. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $76.50.

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.