Independent Bank Corp. $INDB Stock Holdings Decreased by Victory Capital Management Inc.

Victory Capital Management Inc. decreased its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 5.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 858,683 shares of the bank’s stock after selling 47,375 shares during the quarter. Victory Capital Management Inc.’s holdings in Independent Bank were worth $59,395,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of INDB. Vanguard Group Inc. increased its holdings in Independent Bank by 14.9% in the third quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock valued at $411,134,000 after buying an additional 769,086 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Independent Bank by 57.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after buying an additional 624,833 shares during the last quarter. Norges Bank bought a new position in Independent Bank during the 2nd quarter worth approximately $31,053,000. First Trust Advisors LP grew its position in shares of Independent Bank by 78.7% in the 2nd quarter. First Trust Advisors LP now owns 657,570 shares of the bank’s stock worth $41,351,000 after acquiring an additional 289,590 shares in the last quarter. Finally, Basswood Capital Management L.L.C. grew its position in shares of Independent Bank by 126.5% in the 2nd quarter. Basswood Capital Management L.L.C. now owns 317,305 shares of the bank’s stock worth $19,954,000 after acquiring an additional 177,243 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Performance

Shares of INDB stock opened at $77.21 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The business has a 50 day moving average of $79.26 and a two-hundred day moving average of $73.75. Independent Bank Corp. has a 52 week low of $52.15 and a 52 week high of $87.00. The company has a market cap of $3.78 billion, a P/E ratio of 17.35 and a beta of 0.79.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $1.70 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.05. The business 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, analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Monday, December 29th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, December 29th. Independent Bank’s dividend payout ratio is presently 53.03%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Barclays lowered Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target on the stock. in a research report on Monday, February 2nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Finally, Independent Research set a $80.00 target price on shares of Independent Bank in a report on Wednesday, December 17th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $76.50.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director John J. Morrissey sold 1,988 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $85.70, for a total value of $170,371.60. Following the sale, the director directly owned 12,747 shares of the company’s stock, valued at $1,092,417.90. This trade represents a 13.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Donna L. Abelli sold 524 shares of the firm’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total value of $44,540.00. Following the completion of the sale, the director owned 13,247 shares in the company, valued at $1,125,995. The trade was a 3.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.81% of the stock is owned by company insiders.

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.