100,522 Shares in Independent Bank Corp. $INDB Purchased by Cibc World Market Inc.

Cibc World Market Inc. purchased a new stake in Independent Bank Corp. (NASDAQ:INDB) in the 2nd quarter, Holdings Channel reports. The firm purchased 100,522 shares of the bank’s stock, valued at approximately $8,416,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Independent Bank during the 2nd quarter worth about $584,333,000. Alliancebernstein L.P. grew its holdings in Independent Bank by 57.9% in the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock valued at $107,102,000 after purchasing an additional 624,833 shares during the period. Geode Capital Management LLC grew its holdings in Independent Bank by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock valued at $90,082,000 after purchasing an additional 20,278 shares during the period. Verition Fund Management LLC increased its position in Independent Bank by 17.6% during the third quarter. Verition Fund Management LLC now owns 946,006 shares of the bank’s stock worth $65,435,000 after purchasing an additional 141,888 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Independent Bank by 17.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 810,155 shares of the bank’s stock worth $59,206,000 after purchasing an additional 120,362 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Price Performance

INDB stock opened at $83.19 on Wednesday. The firm has a market cap of $3.94 billion, a P/E ratio of 15.02 and a beta of 0.78. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. Independent Bank Corp. has a 1 year low of $63.33 and a 1 year high of $87.50. The stock has a 50-day simple moving average of $84.25 and a 200-day simple moving average of $80.70.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.The company had revenue of $253.32 million during the quarter, compared to analysts’ expectations of $257.50 million. On average, equities analysts predict that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Independent Bank

In other news, Director Gerard F. Nadeau sold 5,307 shares of the company’s stock in a transaction on 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 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 can be accessed through this link. Company insiders own 1.60% of the company’s stock.

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.