Great Lakes Advisors LLC Invests $1.35 Million in Independent Bank Corp. $INDB

Great Lakes Advisors LLC acquired a new position in Independent Bank Corp. (NASDAQ:INDB - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 16,137 shares of the bank's stock, valued at approximately $1,351,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Meeder Asset Management Inc. purchased a new stake in Independent Bank during the second quarter worth approximately $1,204,000. BlackRock Inc. bought a new stake in shares of Independent Bank in the 2nd quarter worth approximately $584,333,000. Deutsche Bank AG acquired a new stake in shares of Independent Bank in the second quarter valued at approximately $4,269,000. OneDigital Investment Advisors LLC bought a new stake in shares of Independent Bank during the second quarter valued at about $205,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of Independent Bank in the 2nd quarter worth approximately $139,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

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 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 sale, the director owned 16,907 shares of the company's stock, valued at $1,431,853.83. This trade represents a 23.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Independent Bank Price Performance

NASDAQ:INDB opened at $83.73 on Friday. The company has a market cap of $3.97 billion, a P/E ratio of 15.11 and a beta of 0.78. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. The stock's 50-day simple moving average is $84.20 and its 200 day simple moving average is $80.73. Independent Bank Corp. has a 52-week low of $63.33 and a 52-week high of $87.50.

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 analysts' consensus estimates of $1.79 by ($0.09). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The business had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. As a group, sell-side analysts forecast that Independent Bank Corp. will post 7.11 EPS for the current fiscal year.

Independent Bank Dividend Announcement

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%.

Wall Street Analysts Forecast Growth

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