BlackRock Inc. Buys New Position in Independent Bank Corp. $INDB

Key Points

• BlackRock acquired 6.98 million shares of Independent Bank Corp. in the second quarter, valued at approximately $584.3 million and representing a 14.44% stake. Institutional investors collectively own 83.40% of the company.
• Analysts maintain a generally positive view of INDB, with a consensus rating of “Moderate Buy” and an average price target of $91.86, above the stock’s reported $83.73 opening price.
• Independent Bank reported quarterly EPS of $1.70, below the $1.79 consensus estimate, while revenue of $253.32 million also missed expectations. The company pays a quarterly dividend of $0.64 per share, yielding approximately 3.1% annually.

BlackRock Inc. purchased a new stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 6,979,611 shares of the bank's stock, valued at approximately $584,333,000. BlackRock Inc. owned about 14.44% of Independent Bank as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Ballast Advisors LLC acquired a new stake in Independent Bank in the 1st quarter worth approximately $30,000. Advisory Services Network LLC purchased a new stake in Independent Bank during the 3rd quarter worth approximately $32,000. EverSource Wealth Advisors LLC increased its stake in Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank's stock valued at $35,000 after purchasing an additional 385 shares in the last quarter. Danske Bank A S acquired a new position in Independent Bank during the 3rd quarter valued at approximately $42,000. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Independent Bank in the fourth quarter worth $48,000. Institutional investors and hedge funds own 83.40% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on INDB. Piper Sandler lifted their price objective on shares of Independent Bank from $84.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Keefe, Bruyette & Woods lowered their price target 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 note on Friday, May 15th. Weiss Ratings reissued a "buy (b)" rating on shares of Independent Bank in a report on Wednesday, August 5th. Finally, Hovde Group started coverage on Independent Bank in a research note on Friday, May 15th. They issued an "outperform" rating and a $95.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $91.86.

Insider Buying and Selling at Independent Bank

In related news, Director Gerard F. Nadeau sold 5,307 shares of the business's stock in a transaction 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 directly owned 16,907 shares in the company, valued at $1,431,853.83. The trade was a 23.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.60% of the stock is currently owned by company insiders.

Independent Bank Stock Performance

NASDAQ INDB opened at $83.73 on Monday. The stock has a 50-day simple moving average of $84.20 and a two-hundred day simple moving average of $80.72. The firm has a market capitalization of $3.97 billion, a P/E ratio of 15.11 and a beta of 0.78. Independent Bank Corp. has a fifty-two week low of $63.33 and a fifty-two week high of $87.50. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its 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). Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.The company had revenue of $253.32 million during the quarter, compared to analysts' expectations of $257.50 million. On average, equities analysts forecast that Independent Bank Corp. will post 7.11 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank's payout ratio is 46.21%.

Independent Bank Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source