Globeflex Capital L P Makes New Investment in Independent Bank Corp. $INDB

Globeflex Capital L P acquired a new position in shares of Independent Bank Corp. (NASDAQ:INDB) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 29,228 shares of the bank’s stock, valued at approximately $1,054,000.

Several other hedge funds have also made changes to their positions in the stock. Xponance LLC grew its position in Independent Bank by 3.6% during the fourth quarter. Xponance LLC now owns 3,981 shares of the bank’s stock worth $291,000 after buying an additional 140 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Independent Bank by 26.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock valued at $52,000 after purchasing an additional 146 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in Independent Bank by 2.0% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank’s stock valued at $607,000 after purchasing an additional 161 shares in the last quarter. Osaic Holdings Inc. grew its stake in shares of Independent Bank by 23.3% in the 2nd quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock valued at $70,000 after purchasing an additional 211 shares during the period. Finally, California State Teachers Retirement System grew its stake in shares of Independent Bank by 0.6% in the 2nd quarter. California State Teachers Retirement System now owns 39,289 shares of the bank’s stock valued at $2,471,000 after purchasing an additional 224 shares during the period. Institutional investors own 83.40% of the company’s stock.

Independent Bank Trading Down 0.3%

NASDAQ INDB opened at $83.48 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $3.95 billion, a P/E ratio of 15.07 and a beta of 0.78. The stock’s 50-day moving average is $84.23 and its 200-day moving average is $80.71. Independent Bank Corp. has a one year low of $63.33 and a one year high of $87.50.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.09). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The company had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. Sell-side analysts anticipate that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were given a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank’s payout ratio is currently 46.21%.

Analysts Set New Price Targets

Several research firms recently commented on INDB. Piper Sandler raised their target price on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Independent Research set a $95.00 price target on Independent Bank in a research report on Friday, May 15th. Keefe, Bruyette & Woods dropped their price objective on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Monday, July 20th. Hovde Group initiated coverage on Independent Bank in a report on Friday, May 15th. They set an “outperform” rating and a $95.00 price objective for the company. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $91.86.

Insiders Place Their Bets

In related news, Director Gerard F. Nadeau sold 5,307 shares of the company’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 completion of the transaction, the director directly owned 16,907 shares of the company’s stock, valued at approximately $1,431,853.83. This represents a 23.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.60% of the company’s stock.

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.