Intech Investment Management LLC Sells 11,639 Shares of Independent Bank Corp. $INDB

Intech Investment Management LLC cut its position in Independent Bank Corp. (NASDAQ:INDB) by 35.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,795 shares of the bank’s stock after selling 11,639 shares during the quarter. Intech Investment Management LLC’s holdings in Independent Bank were worth $1,520,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Salomon & Ludwin LLC grew its stake in shares of 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 buying an additional 224 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of Independent Bank in the third quarter valued at $32,000. EverSource Wealth Advisors LLC grew its stake in shares of 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 buying an additional 385 shares in the last quarter. Danske Bank A S bought a new position in shares of Independent Bank in the third quarter valued at $42,000. Finally, First Horizon Corp grew its stake in shares of 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 buying an additional 213 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on INDB shares. Raymond James Financial reissued a “strong-buy” rating and issued a $97.00 target price on shares of Independent Bank in a research note on Friday, April 17th. Piper Sandler started coverage on shares of Independent Bank in a research note on Monday, March 16th. They issued a “neutral” rating and a $84.00 target price for the company. Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating for the company in a research note on Monday, April 20th. Independent Research set a $95.00 target price on shares of Independent Bank in a research note on Friday, May 15th. Finally, Hovde Group initiated coverage on shares of Independent Bank in a research note on Friday, May 15th. They issued an “outperform” rating and a $95.00 target price for the company. 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 data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.71.

Insider Buying and Selling

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of Independent Bank stock in a transaction on Monday, May 18th. The shares were sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the transaction, the director directly owned 16,215 shares of the company’s stock, valued at $1,253,581.65. The trade was a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.60% of the stock is currently owned by company insiders.

Independent Bank Trading Up 1.1%

INDB stock opened at $79.57 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The company has a fifty day moving average price of $77.96 and a two-hundred day moving average price of $77.26. Independent Bank Corp. has a one year low of $57.01 and a one year high of $87.00. The stock has a market cap of $3.85 billion, a price-to-earnings ratio of 15.79 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The company had revenue of $252.72 million for the quarter, compared to the consensus estimate of $251.45 million. During the same period last year, the firm earned $1.06 earnings per share. Equities analysts anticipate that Independent Bank Corp. will post 7.33 EPS for the current year.

Independent Bank Increases Dividend

The business also recently disclosed 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 represents a $2.56 dividend on an annualized basis and a yield of 3.2%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, March 30th. Independent Bank’s dividend payout ratio (DPR) is presently 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.