Deutsche Bank AG acquired a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 50,988 shares of the bank's stock, valued at approximately $4,269,000. Deutsche Bank AG owned approximately 0.11% of Independent Bank at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of Independent Bank by 10.6% during the 1st quarter. Royal Bank of Canada now owns 12,451 shares of the bank's stock worth $779,000 after purchasing an additional 1,189 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Independent Bank by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank's stock valued at $1,583,000 after buying an additional 1,112 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Independent Bank by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank's stock valued at $37,584,000 after buying an additional 11,714 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Independent Bank by 8.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank's stock valued at $6,623,000 after buying an additional 8,435 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in Independent Bank by 1,222.7% in the first quarter. Jane Street Group LLC now owns 74,057 shares of the bank's stock worth $4,640,000 after buying an additional 68,458 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company's stock.
Independent Bank Stock Down 0.3%
Independent Bank stock opened at $83.19 on Wednesday. The firm has a market cap of $3.94 billion, a price-to-earnings ratio of 15.02 and a beta of 0.78. 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 Corp. has a fifty-two week low of $63.33 and a fifty-two week high of $87.50. The firm has a fifty day moving average price of $84.25 and a two-hundred day moving average price of $80.70.
Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.79 by ($0.09). The business 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%. As a group, analysts forecast that Independent Bank Corp. will post 7.11 earnings per share for the current year.
Independent Bank Dividend Announcement
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 was Monday, June 29th. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. Independent Bank's dividend payout ratio (DPR) is presently 46.21%.
Insider Buying and Selling
In related news, Director Gerard F. Nadeau sold 5,307 shares of the company's stock in a transaction 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 completion of the transaction, the director directly owned 16,907 shares in the company, valued at $1,431,853.83. This represents a 23.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.60% of the stock is currently owned by insiders.
Analysts Set New Price Targets
A number of analysts have issued reports on the stock. Hovde Group began coverage on shares of Independent Bank in a research note on Friday, May 15th. They issued an "outperform" rating and a $95.00 target price for the company. Keefe, Bruyette & Woods dropped their price target on shares of Independent Bank from $99.00 to $96.00 and set an "outperform" rating on the stock in a research note on Monday, July 20th. Weiss Ratings restated a "buy (b)" rating on shares of Independent Bank in a report on Wednesday, August 5th. Independent Research set a $95.00 price objective on shares of Independent Bank in a research note on Friday, May 15th. Finally, Piper Sandler upped their price objective on shares of Independent Bank from $84.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $91.86.
Get Our Latest Report on Independent Bank
About Independent Bank
(
Free Report)
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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