221,838 Shares in Independent Bank Corp. $INDB Acquired by Azora Capital LP

Azora Capital LP purchased a new stake in Independent Bank Corp. (NASDAQ:INDB) in the 4th quarter, Holdings Channel.com reports. The fund purchased 221,838 shares of the bank’s stock, valued at approximately $16,212,000. Independent Bank comprises about 1.0% of Azora Capital LP’s portfolio, making the stock its 26th largest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in INDB. Vanguard Group Inc. increased its holdings in shares of Independent Bank by 14.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock worth $411,134,000 after buying an additional 769,086 shares during the last quarter. Norges Bank purchased a new stake in Independent Bank during the 4th quarter worth $46,117,000. Alliancebernstein L.P. boosted its position 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 purchasing an additional 624,833 shares during the period. Rockland Trust Co. boosted its position in Independent Bank by 84.1% during the 4th quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock worth $92,199,000 after purchasing an additional 576,183 shares during the period. Finally, Citadel Advisors LLC boosted its position in Independent Bank by 473.0% during the 3rd quarter. Citadel Advisors LLC now owns 349,635 shares of the bank’s stock worth $24,184,000 after purchasing an additional 288,613 shares during the period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Joseph C. Lerner sold 2,832 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the sale, the director directly owned 16,215 shares in the company, valued at approximately $1,253,581.65. This trade represents a 14.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.60% of the company’s stock.

Independent Bank Trading Down 1.6%

Independent Bank stock opened at $81.07 on Thursday. The firm has a 50 day simple moving average of $78.90 and a 200-day simple moving average of $77.98. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $3.92 billion, a PE ratio of 16.09 and a beta of 0.77. Independent Bank Corp. has a 12-month low of $57.01 and a 12-month high of $87.00.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data 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). The company had revenue of $252.72 million during the quarter, compared to the consensus estimate of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same quarter last year, the business earned $1.06 earnings per share. As a group, equities research analysts expect that Independent Bank Corp. will post 7.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on INDB. Piper Sandler began coverage on shares of Independent Bank in a research report on Monday, March 16th. They set a “neutral” rating and a $84.00 price target for the company. Raymond James Financial reaffirmed a “strong-buy” rating and set a $97.00 price target on shares of Independent Bank in a research report on Friday, April 17th. Independent Research set a $95.00 price target on shares of Independent Bank in a research report on Friday, May 15th. Stephens began coverage on shares of Independent Bank in a research report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price target for the company. Finally, Barclays upped their price target on shares of Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.71.

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.