Deprince Race & Zollo Inc. Decreases Holdings in Independent Bank Corp. $INDB

Deprince Race & Zollo Inc. reduced its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 1.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,036,188 shares of the bank’s stock after selling 10,287 shares during the period. Independent Bank makes up approximately 1.5% of Deprince Race & Zollo Inc.’s investment portfolio, making the stock its 6th biggest position. Deprince Race & Zollo Inc.’s holdings in Independent Bank were worth $77,932,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC boosted its holdings in shares of Independent Bank by 167.2% in the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after purchasing an additional 224 shares in the last quarter. Advisory Services Network LLC acquired a new position in shares of Independent Bank during the 3rd quarter worth $32,000. EverSource Wealth Advisors LLC lifted its position in shares of Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after buying an additional 385 shares during the last quarter. Danske Bank A S bought a new stake in shares of Independent Bank during the 3rd quarter worth $42,000. Finally, First Horizon Corp boosted 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 buying an additional 213 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on INDB shares. Piper Sandler boosted their target price on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Independent Research set a $95.00 price target on shares of Independent Bank in a research note on Friday, May 15th. Raymond James Financial restated a “strong-buy” rating and issued a $97.00 price target on shares of Independent Bank in a research note on Friday, April 17th. Stephens began coverage on shares of Independent Bank in a report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price target on the stock. Finally, Hovde Group began coverage on shares of Independent Bank in a research report on Friday, May 15th. They set an “outperform” rating and a $95.00 price objective for the company. One research 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 given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.57.

Independent Bank Trading Up 1.5%

Shares of INDB stock opened at $85.00 on Thursday. Independent Bank Corp. has a twelve month low of $61.55 and a twelve month high of $87.00. The stock’s fifty day simple moving average is $79.67 and its 200 day simple moving average is $78.62. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $4.11 billion, a P/E ratio of 16.87 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, April 16th. The bank reported $1.68 EPS for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). The firm had revenue of $252.72 million for the quarter, compared to analyst estimates of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same period in the previous year, the business posted $1.06 earnings per share. As a group, sell-side analysts predict that Independent Bank Corp. will post 7.29 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Monday, June 29th will be issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Monday, June 29th. Independent Bank’s payout ratio is presently 50.79%.

Insiders Place Their Bets

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $77.31, for a total value of $218,941.92. Following the completion of the transaction, the director directly owned 16,215 shares in the company, valued at approximately $1,253,581.65. This represents a 14.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.60% of the stock is owned by insiders.

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.