Sei Investments Co. boosted its position in shares of Independent Bank Corp. (NASDAQ:INDB – Free Report) by 10.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 86,704 shares of the bank’s stock after purchasing an additional 8,467 shares during the quarter. Sei Investments Co. owned about 0.18% of Independent Bank worth $6,521,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also bought and sold shares of INDB. First Trust Advisors LP grew its position in shares of Independent Bank by 1.8% during the 1st quarter. First Trust Advisors LP now owns 377,302 shares of the bank’s stock worth $28,377,000 after buying an additional 6,840 shares in the last quarter. California Public Employees Retirement System raised its holdings in shares of Independent Bank by 6.2% in the first quarter. California Public Employees Retirement System now owns 89,947 shares of the bank’s stock valued at $6,765,000 after acquiring an additional 5,261 shares in the last quarter. Illinois Municipal Retirement Fund lifted its stake in Independent Bank by 2.4% in the first quarter. Illinois Municipal Retirement Fund now owns 26,134 shares of the bank’s stock worth $1,966,000 after acquiring an additional 606 shares during the period. Sanctuary Advisors LLC purchased a new stake in Independent Bank in the first quarter worth about $227,000. Finally, Principal Financial Group Inc. grew its holdings in Independent Bank by 2.0% during the 1st quarter. Principal Financial Group Inc. now owns 240,956 shares of the bank’s stock worth $18,122,000 after acquiring an additional 4,638 shares in the last quarter. 83.40% of the stock is owned by institutional investors.
Insider Transactions at Independent Bank
In other news, Director Joseph C. Lerner sold 2,832 shares of the company’s 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 transaction, the director directly owned 16,215 shares of the company’s stock, valued at approximately $1,253,581.65. This represents a 14.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company’s stock.
Wall Street Analysts Forecast Growth
Read Our Latest Stock Analysis on INDB
Independent Bank Stock Performance
INDB stock opened at $85.00 on Tuesday. The firm has a market cap of $4.11 billion, a price-to-earnings ratio of 15.34 and a beta of 0.77. The firm has a 50-day simple moving average of $82.77 and a two-hundred day simple moving average of $80.11. Independent Bank Corp. has a one year low of $62.07 and a one year high of $87.50. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.93 and a current ratio of 0.93.
Independent Bank (NASDAQ:INDB – Get Free Report) 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). The firm had revenue of $253.32 million during the quarter, compared to the consensus estimate of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. On average, equities analysts forecast that Independent Bank Corp. will post 7.11 EPS for the current fiscal year.
Independent Bank Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Monday, June 29th were paid a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.0%. The ex-dividend date was Monday, June 29th. Independent Bank’s dividend payout ratio (DPR) is 46.21%.
Independent Bank Company 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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