Reinhart Partners LLC. increased its holdings in Independent Bank Corp. (NASDAQ:INDB – Free Report) by 15.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 622,957 shares of the bank’s stock after buying an additional 81,543 shares during the period. Reinhart Partners LLC.’s holdings in Independent Bank were worth $45,527,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also bought and sold shares of INDB. Salomon & Ludwin LLC lifted its stake in Independent Bank by 167.2% in the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after purchasing an additional 224 shares during the last quarter. Advisory Services Network LLC purchased a new position in Independent Bank in the third quarter valued at approximately $32,000. EverSource Wealth Advisors LLC lifted its stake in Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after purchasing an additional 385 shares during the last quarter. Danske Bank A S purchased a new position in Independent Bank in the third quarter valued at approximately $42,000. Finally, First Horizon Corp lifted its stake in Independent Bank by 47.8% in the fourth quarter. First Horizon Corp now owns 659 shares of the bank’s stock valued at $48,000 after purchasing an additional 213 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.
Wall Street Analyst Weigh In
INDB has been the topic of several research analyst reports. Piper Sandler initiated coverage on Independent Bank in a research note on Monday, March 16th. They issued a “neutral” rating and a $84.00 price objective on the stock. Barclays upped their price objective on Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research note on Tuesday, April 7th. Independent Research set a $95.00 price objective on Independent Bank in a research note on Friday, May 15th. Weiss Ratings upgraded Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. Finally, Hovde Group initiated coverage on Independent Bank in a research note on Friday, May 15th. They issued an “outperform” rating and a $95.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.71.
Insider Activity
In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the sale, the director owned 16,215 shares in the company, valued at $1,253,581.65. This represents a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.60% of the stock is currently owned by corporate insiders.
Independent Bank Trading Up 2.0%
NASDAQ:INDB opened at $79.12 on Wednesday. The company has a market cap of $3.82 billion, a P/E ratio of 15.70 and a beta of 0.77. The stock’s fifty day moving average price is $77.68 and its two-hundred day moving average price is $77.06. Independent Bank Corp. has a 1 year low of $57.01 and a 1 year high of $87.00. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94.
Independent Bank (NASDAQ:INDB – Get Free Report) last posted its earnings results 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 for the quarter, compared to analysts’ expectations of $251.45 million. Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.During the same quarter in the prior year, the company earned $1.06 EPS. As a group, analysts expect that Independent Bank Corp. will post 7.33 EPS for the current year.
Independent Bank Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 30th were given a dividend of $0.64 per share. This is an increase from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Monday, March 30th. Independent Bank’s dividend payout ratio (DPR) is currently 50.79%.
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.
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