16,137 Shares in Independent Bank Corp. $INDB Bought by Great Lakes Advisors LLC

Great Lakes Advisors LLC bought a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 16,137 shares of the bank’s stock, valued at approximately $1,351,000.

Several other institutional investors and hedge funds have also made changes to their positions in INDB. Salomon & Ludwin LLC boosted its holdings in Independent Bank by 167.2% in the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after buying an additional 224 shares during the last quarter. Ballast Advisors LLC acquired a new position in shares of Independent Bank in the 1st quarter worth approximately $30,000. Advisory Services Network LLC purchased a new position in shares of Independent Bank during the 3rd quarter worth approximately $32,000. EverSource Wealth Advisors LLC boosted its position in shares of Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after purchasing an additional 385 shares during the period. Finally, Danske Bank A S acquired a new stake in Independent Bank in the 3rd quarter valued at approximately $42,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Gerard F. Nadeau sold 5,307 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total transaction of $449,449.83. Following the transaction, the director directly owned 16,907 shares in the company, valued at approximately $1,431,853.83. This represents a 23.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on INDB. Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th. Independent Research set a $95.00 price target on Independent Bank in a research note on Friday, May 15th. Keefe, Bruyette & Woods cut their target price on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Monday, July 20th. Piper Sandler raised their price target on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Finally, Hovde Group started coverage on Independent Bank in a report on Friday, May 15th. They set an “outperform” rating and a $95.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $91.86.

Independent Bank Price Performance

INDB stock opened at $83.73 on Friday. Independent Bank Corp. has a one year low of $63.33 and a one year high of $87.50. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $3.97 billion, a PE ratio of 15.11 and a beta of 0.78. The firm has a 50-day moving average of $84.20 and a two-hundred day moving average of $80.73.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 9.19% and a net margin of 20.31%. On average, analysts forecast that Independent Bank Corp. will post 7.11 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were issued 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 (DPR) is currently 46.21%.

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.