83,191 Shares in Independent Bank Corp. $INDB Bought by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC acquired 83,191 shares of Independent Bank Corp. in the second quarter, worth approximately $6.96 million and representing about 0.18% of the company. Institutional investors collectively own 83.40% of the stock.
• Independent Bank’s latest quarterly results fell short of estimates, with EPS of $1.70 versus the $1.79 consensus and revenue of $253.32 million versus $257.50 million expected.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $91.86, compared with the stock’s recent price of $82.31. The company also offers a quarterly dividend of $0.64 per share, yielding about 3.1% annually.

Hsbc Holdings PLC acquired a new stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 83,191 shares of the bank's stock, valued at approximately $6,958,000. Hsbc Holdings PLC owned approximately 0.18% of Independent Bank as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Ballast Advisors LLC acquired a new position in shares of Independent Bank during the 1st quarter worth approximately $30,000. Advisory Services Network LLC acquired a new stake in Independent Bank in the 3rd quarter valued at $32,000. EverSource Wealth Advisors LLC increased its holdings in Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank's stock worth $35,000 after acquiring an additional 385 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Independent Bank in the 2nd quarter worth $48,000. Finally, Danske Bank A S acquired a new position in Independent Bank during the third quarter worth $42,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Independent Bank

In other news, Director Thomas R. Venables sold 3,750 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total transaction of $311,250.00. Following the completion of the sale, the director owned 17,649 shares in the company, valued at $1,464,867. This trade represents a 17.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gerard F. Nadeau sold 5,307 shares of the company's stock in a transaction that occurred 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 owned 16,907 shares in the company, valued at $1,431,853.83. This represents a 23.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.60% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on INDB. Independent Research set a $95.00 price objective on shares of Independent Bank in a report on Friday, May 15th. Weiss Ratings restated a "buy (b)" rating on shares of Independent Bank in a research report on Wednesday, August 5th. Piper Sandler raised their price target on shares of Independent Bank from $84.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Hovde Group initiated coverage on Independent Bank in a report on Friday, May 15th. They issued an "outperform" rating and a $95.00 price objective on the stock. Finally, Keefe, Bruyette & Woods cut 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. One research 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 assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $91.86.

Independent Bank Trading Down 0.3%

Shares of Independent Bank stock opened at $82.31 on Thursday. 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 stock's 50 day simple moving average is $84.08 and its 200-day simple moving average is $80.58. The stock has a market cap of $3.90 billion, a P/E ratio of 14.86 and a beta of 0.76. Independent Bank Corp. has a 1-year low of $63.33 and a 1-year high of $87.50.

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

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were given a dividend of $0.64 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. Independent Bank's payout ratio 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.

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