Independent Bank Corp. $INDB Shares Purchased by Sei Investments Co.

Sei Investments Co. lifted its stake in Independent Bank Corp. (NASDAQ:INDB) by 10.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 86,704 shares of the bank’s stock after purchasing an additional 8,467 shares during the quarter. Sei Investments Co.’s holdings in Independent Bank were worth $6,521,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Salomon & Ludwin LLC grew its position in Independent Bank by 167.2% during the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after purchasing an additional 224 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Independent Bank in the third quarter worth $32,000. EverSource Wealth Advisors LLC lifted its stake in shares of Independent Bank by 233.3% during the second 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 period. Danske Bank A S acquired a new stake in shares of Independent Bank during the third quarter worth $42,000. Finally, First Horizon Corp grew its holdings in shares of Independent Bank by 47.8% during 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 during the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Joseph C. Lerner sold 2,832 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $77.31, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Hovde Group initiated coverage on Independent Bank in a research report on Friday, May 15th. They issued an “outperform” rating and a $95.00 target price on the stock. Independent Research set a $95.00 price target on Independent Bank in a research report on Friday, May 15th. Raymond James Financial reiterated a “strong-buy” rating and set a $97.00 price target on shares of Independent Bank in a research note on Friday, April 17th. Weiss Ratings raised Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. Finally, Stephens assumed coverage on Independent Bank in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Independent Bank has an average rating of “Moderate Buy” and an average target price of $91.86.

Independent Bank Stock Up 1.4%

INDB stock opened at $85.00 on Tuesday. The company has a market capitalization of $4.11 billion, a P/E ratio of 15.34 and a beta of 0.77. Independent Bank Corp. has a 12 month low of $62.07 and a 12 month high of $87.50. The firm’s fifty day simple moving average is $82.77 and its 200-day simple moving average is $80.11. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.93 and a quick ratio of 0.93.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.79 by ($0.09). Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.The business had revenue of $253.32 million for the quarter, compared to analysts’ expectations of $257.50 million. As a group, equities research analysts forecast that Independent Bank Corp. will post 7.11 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Monday, June 29th were paid a dividend of $0.64 per share. The ex-dividend date was Monday, June 29th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.0%. Independent Bank’s dividend payout ratio (DPR) is presently 46.21%.

About Independent Bank

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.