Independent Bank Corp. $INDB Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its Independent Bank position by 16.6% in the first quarter, adding 84,282 shares for a total of 592,665 shares valued at approximately $44.6 million. Institutional investors collectively own 83.4% of the company.
• Independent Bank shares opened at $85.33, near their 52-week high of $87.50. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $91.86.
• The bank’s latest quarterly results fell short of expectations, with earnings of $1.70 per share versus the $1.79 consensus and revenue of $253.3 million versus $257.5 million expected. It pays a quarterly dividend of $0.64 per share, yielding about 3.0% annually.

Bank of America Corp DE boosted its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 16.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 592,665 shares of the bank's stock after buying an additional 84,282 shares during the period. Bank of America Corp DE owned approximately 1.23% of Independent Bank worth $44,574,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of INDB. Alliancebernstein L.P. lifted its stake in Independent Bank by 57.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank's stock valued at $107,102,000 after acquiring an additional 624,833 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Independent Bank by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank's stock valued at $90,082,000 after acquiring an additional 20,278 shares during the last quarter. Verition Fund Management LLC increased its stake in shares of Independent Bank by 17.6% in the third quarter. Verition Fund Management LLC now owns 946,006 shares of the bank's stock worth $65,435,000 after acquiring an additional 141,888 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Independent Bank by 17.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 810,155 shares of the bank's stock worth $59,206,000 after acquiring an additional 120,362 shares during the period. Finally, Norges Bank purchased a new position in shares of Independent Bank during the fourth quarter worth $46,117,000. Institutional investors and hedge funds own 83.40% of the company's stock.

Independent Bank Trading Up 0.6%

INDB stock opened at $85.33 on Thursday. The company's 50-day simple moving average is $83.63 and its 200-day simple moving average is $80.48. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. Independent Bank Corp. has a 52-week low of $63.33 and a 52-week high of $87.50. The firm has a market cap of $4.04 billion, a P/E ratio of 15.40 and a beta of 0.78.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share 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 analysts' expectations of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. As a group, equities analysts forecast that Independent Bank Corp. will post 7.11 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were given a dividend of $0.64 per share. The ex-dividend date was Monday, June 29th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.0%. Independent Bank's dividend payout ratio (DPR) is 46.21%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on INDB shares. Independent Research set a $95.00 price target on shares of Independent Bank in a report on Friday, May 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Independent Bank in a research note on Wednesday, August 5th. Raymond James Financial reissued a "strong-buy" rating and issued a $97.00 price objective on shares of Independent Bank in a report on Friday, April 17th. Stephens initiated coverage on Independent Bank in a report on Wednesday, April 15th. They set an "overweight" rating and a $88.00 target price on the stock. Finally, Piper Sandler raised their target price on Independent Bank from $84.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $91.86.

Insiders Place Their Bets

In related news, Director Gerard F. Nadeau sold 5,307 shares of Independent Bank 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 approximately $1,431,853.83. This trade represents a 23.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph C. Lerner sold 2,832 shares of Independent Bank stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the sale, the director owned 16,215 shares in the company, valued at approximately $1,253,581.65. This trade represents a 14.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is currently owned by company insiders.

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.

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