ProShare Advisors LLC Decreases Stock Holdings in Independent Bank Corp. $INDB

ProShare Advisors LLC trimmed its holdings in Independent Bank Corp. (NASDAQ:INDB) by 6.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,194 shares of the bank’s stock after selling 6,472 shares during the quarter. ProShare Advisors LLC owned about 0.18% of Independent Bank worth $6,591,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Isthmus Partners LLC lifted its stake in Independent Bank by 1.0% in the 4th quarter. Isthmus Partners LLC now owns 41,970 shares of the bank’s stock worth $3,067,000 after purchasing an additional 418 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Independent Bank by 15.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 3,624 shares of the bank’s stock valued at $265,000 after buying an additional 497 shares during the period. Sachetta LLC raised its position in shares of Independent Bank by 555.1% during the 4th quarter. Sachetta LLC now owns 8,045 shares of the bank’s stock valued at $588,000 after buying an additional 6,817 shares during the period. Strs Ohio raised its position in shares of Independent Bank by 37.5% during the 4th quarter. Strs Ohio now owns 2,200 shares of the bank’s stock valued at $161,000 after buying an additional 600 shares during the period. Finally, New York State Teachers Retirement System raised its position in shares of Independent Bank by 0.8% during the 4th quarter. New York State Teachers Retirement System now owns 37,459 shares of the bank’s stock valued at $2,738,000 after buying an additional 300 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Stock Up 0.2%

Independent Bank stock opened at $78.82 on Friday. Independent Bank Corp. has a fifty-two week low of $57.01 and a fifty-two week high of $87.00. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a 50 day moving average price of $77.15 and a 200 day moving average price of $76.60. The company has a market capitalization of $3.81 billion, a PE ratio of 15.64 and a beta of 0.78.

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

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 30th were issued a $0.64 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, March 30th. This represents a $2.56 annualized dividend and a yield of 3.2%. Independent Bank’s payout ratio is 50.79%.

Analysts Set New Price Targets

Several analysts have recently commented on INDB shares. Barclays lifted their price target on shares of Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research report on Tuesday, April 7th. Hovde Group started coverage on shares of Independent Bank in a research report on Friday, May 15th. They set an “outperform” rating and a $95.00 price target on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and set a $97.00 price target on shares of Independent Bank in a research report on Friday, April 17th. Independent Research set a $95.00 price target on shares of Independent Bank in a research report on Friday, May 15th. Finally, Piper Sandler started coverage on shares of Independent Bank in a research report on Monday, March 16th. They set a “neutral” rating and a $84.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $90.71.

Independent Bank Company 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.