Globeflex Capital L P purchased a new position in Independent Bank Corp. (NASDAQ:INDB – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 29,228 shares of the bank’s stock, valued at approximately $1,054,000. Globeflex Capital L P owned approximately 0.06% of Independent Bank as of its most recent filing with the Securities & Exchange Commission.
Other large investors also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Independent Bank in the second quarter worth about $584,333,000. Norges Bank bought a new position in Independent Bank in the 4th quarter valued at about $46,117,000. Alliancebernstein L.P. increased its stake in Independent Bank by 57.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock valued at $107,102,000 after buying an additional 624,833 shares during the period. Bank of New York Mellon Corp acquired a new position in Independent Bank during the 2nd quarter valued at about $41,268,000. Finally, NFJ Investment Group LLC bought a new stake in shares of Independent Bank during the 2nd quarter worth about $35,278,000. 83.40% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, Director Gerard F. Nadeau sold 5,307 shares of the firm’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 transaction, the director directly owned 16,907 shares in the company, valued at approximately $1,431,853.83. This trade represents a 23.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 1.60% of the company’s stock.
Independent Bank Price Performance
Independent Bank (NASDAQ:INDB – Get Free Report) last posted 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). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The business had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. Equities research analysts predict that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.
Independent Bank Announces Dividend
The company also recently disclosed 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 dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank’s dividend payout ratio is currently 46.21%.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on INDB shares. Independent Research set a $95.00 price objective on shares of Independent Bank in a report on Friday, May 15th. Piper Sandler boosted their target price on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Keefe, Bruyette & Woods cut their target price on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Monday, July 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. 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 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 given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $91.86.
Read Our Latest Stock Analysis on INDB
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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