Public Employees Retirement System of Ohio Takes $413,000 Position in Independent Bank Corp. $INDB

Public Employees Retirement System of Ohio purchased a new position in shares of Independent Bank Corp. (NASDAQ:INDB) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 11,441 shares of the bank’s stock, valued at approximately $413,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of INDB. BlackRock Inc. acquired a new position in Independent Bank in the second quarter worth $584,333,000. Norges Bank bought a new position in shares of Independent Bank in the fourth quarter valued at about $46,117,000. Alliancebernstein L.P. lifted 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 buying an additional 624,833 shares in the last quarter. Bank of America Corp DE acquired a new position in Independent Bank during the 2nd quarter worth about $44,640,000. Finally, Bank of New York Mellon Corp bought a new stake in Independent Bank during the 2nd quarter worth about $41,268,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on INDB. Piper Sandler raised their price objective on shares of Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Keefe, Bruyette & Woods decreased their price target on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a research note on Monday, July 20th. Hovde Group assumed coverage on shares of Independent Bank in a report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price target for the company. Finally, Independent Research set a $95.00 price objective on shares of Independent Bank in a research report on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given 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 $91.86.

Independent Bank Stock Performance

Independent Bank stock opened at $82.80 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. Independent Bank Corp. has a 1 year low of $63.33 and a 1 year high of $87.50. The company has a market cap of $3.92 billion, a PE ratio of 14.95 and a beta of 0.76. The company’s 50-day moving average is $84.05 and its two-hundred day moving average is $80.57.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.09). The business had revenue of $253.32 million for the quarter, compared to analyst estimates of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. Equities analysts anticipate that Independent Bank Corp. will post 7.11 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Monday, June 29th were paid a $0.64 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $2.56 dividend on an annualized basis and a yield of 3.1%. Independent Bank’s dividend payout ratio (DPR) is presently 46.21%.

Insiders Place Their Bets

In other news, Director Thomas R. Venables sold 3,750 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the transaction, the director owned 17,649 shares of the company’s stock, valued at $1,464,867. This represents a 17.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gerard F. Nadeau sold 5,307 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the transaction, the director owned 16,907 shares in the company, valued at $1,431,853.83. This represents a 23.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is currently owned by insiders.

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.