Arrowstreet Capital Limited Partnership Acquires New Position in Independent Bank Corp. $INDB

Key Points

• Arrowstreet Capital acquired 12,734 shares of Independent Bank Corp. in the first quarter, worth approximately $958,000. Institutional investors collectively own 83.4% of the company.
• Independent Bank’s latest quarterly results fell short of expectations, with earnings per share of $1.70 versus the $1.79 consensus estimate and revenue of $253.32 million versus $257.50 million expected.
• The company pays a quarterly dividend of $0.64, equivalent to $2.56 annually and a 3.0% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $91.86, above the reported $83.98 share price.

Arrowstreet Capital Limited Partnership bought a new position in Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 12,734 shares of the bank's stock, valued at approximately $958,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Xponance LLC increased its position in shares of Independent Bank by 3.6% during the fourth quarter. Xponance LLC now owns 3,981 shares of the bank's stock valued at $291,000 after acquiring an additional 140 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of 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 lifted its holdings in shares of 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. State of Alaska Department of Revenue boosted its position in shares of Independent Bank by 0.7% during the fourth quarter. State of Alaska Department of Revenue now owns 27,006 shares of the bank's stock valued at $1,973,000 after buying an additional 193 shares during the last quarter. Finally, Osaic Holdings Inc. boosted its position in shares of Independent Bank by 23.3% during the second quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank's stock valued at $70,000 after buying an additional 211 shares during the last quarter. Institutional investors own 83.40% of the company's stock.

Insider Activity

In other news, Director Joseph C. Lerner sold 2,832 shares of Independent Bank stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the transaction, the director directly owned 16,215 shares of the company's stock, valued at $1,253,581.65. The trade was a 14.87% decrease in their position. The transaction 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 stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total transaction of $449,449.83. Following the sale, the director directly owned 16,907 shares of the company's stock, valued at approximately $1,431,853.83. This trade represents a 23.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by company insiders.

Independent Bank Stock Performance

Shares of NASDAQ INDB opened at $83.98 on Friday. Independent Bank Corp. has a 12-month low of $62.73 and a 12-month high of $87.50. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of 15.16 and a beta of 0.78. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.14. The firm has a 50 day moving average of $83.13 and a 200 day moving average of $80.30.

Independent Bank (NASDAQ:INDB - Get Free Report) 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 return on equity of 9.19% and a net margin of 20.31%.The business had revenue of $253.32 million during the quarter, compared to the consensus estimate of $257.50 million. On average, research analysts anticipate that Independent Bank Corp. will post 7.11 earnings per share for the current year.

Independent Bank Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in 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 for the company. Stephens started coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They issued an "overweight" rating and a $88.00 price target for the company. Piper Sandler boosted their price objective on shares of Independent Bank from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Independent Research set a $95.00 price objective on shares of Independent Bank in a research report on Friday, May 15th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $99.00 to $96.00 and set an "outperform" rating on the stock in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $91.86.

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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