71 West Capital Partners Invests $1.79 Million in Independent Bank Corp. $INDB

Key Points

• 71 West Capital Partners initiated a new position in Independent Bank Corp., buying 24,500 shares worth about $1.79 million in the fourth quarter.
• Analyst sentiment is mixed but generally constructive: the stock carries a Moderate Buy consensus, with an average price target of $90.71.
• Independent Bank recently raised its quarterly dividend to $0.64 per share, giving the stock an annualized yield of about 3.1%; however, its latest earnings missed EPS expectations by $0.02.

71 West Capital Partners bought a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 24,500 shares of the bank's stock, valued at approximately $1,790,000.

Several other large investors also recently modified their holdings of INDB. Salomon & Ludwin LLC lifted 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 worth $27,000 after acquiring an additional 224 shares during the period. Advisory Services Network LLC acquired a new position in shares of Independent Bank in the third quarter worth approximately $32,000. EverSource Wealth Advisors LLC lifted 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 worth $35,000 after acquiring an additional 385 shares during the period. Danske Bank A S acquired a new position in shares of Independent Bank in the third quarter worth approximately $42,000. Finally, First Horizon Corp lifted 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 worth $48,000 after acquiring an additional 213 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Piper Sandler assumed coverage on Independent Bank in a research note on Monday, March 16th. They issued a "neutral" rating and a $84.00 price objective on the stock. Weiss Ratings raised Independent Bank from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 8th. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $96.00 to $94.00 and set an "outperform" rating on the stock in a research note on Monday, April 20th. Raymond James Financial reiterated a "strong-buy" rating and issued a $97.00 target price on shares of Independent Bank in a report on Friday, April 17th. Finally, Barclays lifted their target price on Independent Bank from $80.00 to $82.00 and gave the stock an "underweight" rating in a report on Tuesday, April 7th. 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 company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $90.71.

Insider Activity at Independent Bank

In other news, Director Joseph C. Lerner sold 2,832 shares of the business's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the sale, the director owned 16,215 shares in the company, 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 legal filing with the SEC, which is available through this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

Independent Bank Trading Down 1.5%

NASDAQ INDB opened at $82.05 on Tuesday. The company has a market cap of $3.97 billion, a price-to-earnings ratio of 16.28 and a beta of 0.78. Independent Bank Corp. has a 52 week low of $57.01 and a 52 week high of $87.00. The business has a 50 day moving average price of $78.72 and a 200-day moving average price of $77.85. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 EPS for the quarter, missing the consensus estimate of $1.70 by ($0.02). The firm had revenue of $252.72 million for the quarter, compared to the consensus estimate of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same quarter in the prior year, the firm earned $1.06 EPS. As a group, equities analysts expect that Independent Bank Corp. will post 7.33 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were issued a dividend of $0.64 per share. This is a positive change from Independent Bank's previous quarterly dividend of $0.59. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Monday, March 30th. Independent Bank's dividend payout ratio 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.

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