Basswood Capital Management L.L.C. Invests $11.52 Million in Independent Bank Corp. $INDB

Basswood Capital Management L.L.C. purchased a new position in Independent Bank Corp. (NASDAQ:INDB - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 137,646 shares of the bank's stock, valued at approximately $11,524,000. Basswood Capital Management L.L.C. owned about 0.29% of Independent Bank as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the stock. Ballast Advisors LLC purchased a new position in Independent Bank in the first quarter valued at about $30,000. Advisory Services Network LLC purchased a new stake in shares of Independent Bank during the 3rd quarter worth approximately $32,000. EverSource Wealth Advisors LLC increased its stake in shares of Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank's stock worth $35,000 after purchasing an additional 385 shares during the last quarter. Danske Bank A S bought a new stake in shares of Independent Bank in the 3rd quarter worth approximately $42,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Independent Bank in the 4th quarter worth approximately $48,000. Institutional investors own 83.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on INDB. Keefe, Bruyette & Woods decreased their target price on Independent Bank from $99.00 to $96.00 and set an "outperform" rating for the company in a research report on Monday, July 20th. Independent Research set a $95.00 price target on Independent Bank in a research report on Friday, May 15th. Piper Sandler increased their price target on Independent Bank from $84.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Hovde Group started coverage on Independent Bank in a report on Friday, May 15th. They issued an "outperform" rating and a $95.00 price objective for the company. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Independent Bank in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Independent Bank currently has an average rating of "Moderate Buy" and a consensus target price of $91.86.

Insider Transactions at Independent Bank

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

Independent Bank Trading Down 0.5%

Shares of INDB stock opened at $82.78 on Thursday. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 14.94 and a beta of 0.78. The company's fifty day simple moving average is $84.28 and its two-hundred day simple moving average is $80.68. Independent Bank Corp. has a 1 year low of $63.33 and a 1 year high of $87.50. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94.

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 analysts' consensus estimates of $1.79 by ($0.09). The company had revenue of $253.32 million during the quarter, compared to the consensus estimate of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. As a group, 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. Investors of record on Monday, June 29th were issued a dividend of $0.64 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $2.56 dividend on an annualized basis and a yield of 3.1%. Independent Bank's dividend payout ratio is 46.21%.

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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