Banc Funds Co. LLC Purchases Shares of 16,449 Independent Bank Corp. $INDB

Key Points

• Banc Funds Co. LLC established a new position in Independent Bank (NASDAQ:INDB) in Q3, buying 16,449 shares valued at approximately $1,138,000, and institutional investors now own 83.40% of the company.
• Independent Bank recently beat Q4 estimates with $1.70 EPS (vs. $1.65 expected) and $253.93M revenue; analysts have an average Hold rating with a $76.50 target (market cap ~$3.66B, P/E 16.8).
• Insider activity shows directors John J. Morrissey and Donna L. Abelli sold shares in early February, reducing their holdings; insiders now own 0.81% of the stock.

Banc Funds Co. LLC acquired a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 16,449 shares of the bank's stock, valued at approximately $1,138,000.

A number of other institutional investors also recently made changes to their positions in the company. Cibc World Market Inc. bought a new position in shares of Independent Bank during the third quarter worth approximately $6,506,000. HighTower Advisors LLC boosted its stake in Independent Bank by 242.9% in the 3rd quarter. HighTower Advisors LLC now owns 23,406 shares of the bank's stock valued at $1,619,000 after purchasing an additional 16,581 shares during the period. Spinnaker Trust bought a new stake in Independent Bank in the 3rd quarter valued at $1,856,000. Squarepoint Ops LLC acquired a new position in Independent Bank in the 2nd quarter valued at $1,486,000. Finally, White Pine Capital LLC acquired a new position in Independent Bank in the 3rd quarter valued at $1,792,000. Institutional investors own 83.40% of the company's stock.

Independent Bank Price Performance

Independent Bank stock opened at $74.74 on Friday. The firm has a market cap of $3.66 billion, a PE ratio of 16.80 and a beta of 0.79. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The stock's fifty day moving average price is $79.47 and its two-hundred day moving average price is $74.01. Independent Bank Corp. has a one year low of $52.15 and a one year high of $87.00.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, January 22nd. The bank reported $1.70 earnings per share for the quarter, beating analysts' consensus estimates of $1.65 by $0.05. The firm had revenue of $253.93 million during the quarter, compared to the consensus estimate of $249.64 million. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%. As a group, research analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reissued a "hold (c+)" rating on shares of Independent Bank in a report on Thursday, January 22nd. Independent Research set a $80.00 price target on shares of Independent Bank in a research note on Wednesday, December 17th. Finally, Barclays lowered shares of Independent Bank from an "equal weight" rating to an "underweight" rating and set a $80.00 price target on the stock. in a research report on Monday, February 2nd. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $76.50.

Insider Transactions at Independent Bank

In related news, Director John J. Morrissey sold 1,988 shares of the business's stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $85.70, for a total value of $170,371.60. Following the completion of the transaction, the director owned 12,747 shares of the company's stock, valued at $1,092,417.90. The trade was a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Donna L. Abelli sold 524 shares of the company's stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total transaction of $44,540.00. Following the sale, the director directly owned 13,247 shares of the company's stock, valued at $1,125,995. This represents a 3.81% decrease in their position. The SEC filing for this sale provides additional information. 0.81% of the stock is owned by insiders.

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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