Independent Bank Corp. $INDB Shares Purchased by Deprince Race & Zollo Inc.

Key Points

• Deprince Race & Zollo Inc. increased its position in Independent Bank (NASDAQ:INDB) by 1.3% in Q4, buying 13,935 shares to hold 1,046,475 shares (2.11% of the company) worth about $76.48 million, making INDB its 8th-largest holding.
• Independent Bank raised its quarterly dividend to $0.64 from $0.59 (annualized $2.56), a 3.2% yield with a dividend payout ratio of 57.53%.
• Analysts have a consensus "Hold" with a $82.25 target; INDB recently beat quarterly EPS estimates ($1.70 vs. $1.65), has a market cap of $3.87B and a P/E of 17.89, and trades in a 52-week range of $52.15–$87.00.

Deprince Race & Zollo Inc. increased its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 1.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,046,475 shares of the bank's stock after purchasing an additional 13,935 shares during the quarter. Independent Bank makes up 1.5% of Deprince Race & Zollo Inc.'s portfolio, making the stock its 8th biggest position. Deprince Race & Zollo Inc. owned 2.11% of Independent Bank worth $76,476,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. First Horizon Corp acquired a new stake in Independent Bank in the third quarter worth about $31,000. Advisory Services Network LLC acquired a new stake in Independent Bank in the third quarter worth about $32,000. Cullen Frost Bankers Inc. acquired a new stake in Independent Bank in the third quarter worth about $37,000. EverSource Wealth Advisors LLC increased its position in Independent Bank by 233.3% in the second 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 period. Finally, Danske Bank A S bought a new position in Independent Bank during the third quarter worth about $42,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on INDB. Piper Sandler began coverage on Independent Bank in a report on Monday, March 16th. They set a "neutral" rating and a $84.00 target price on the stock. Weiss Ratings upgraded Independent Bank from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, March 27th. Barclays raised their target price on Independent Bank from $80.00 to $82.00 and gave the stock an "underweight" rating in a report on Tuesday, April 7th. Finally, Independent Research set a $80.00 target price on Independent Bank in a report on Wednesday, December 17th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Independent Bank has an average rating of "Hold" and a consensus target price of $82.25.

Independent Bank Stock Performance

NASDAQ:INDB opened at $79.62 on Monday. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $87.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $3.87 billion, a PE ratio of 17.89 and a beta of 0.79. The business's 50-day simple moving average is $79.08 and its 200-day simple moving average is $74.76.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.05. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%.The business had revenue of $253.93 million for the quarter, compared to analysts' expectations of $249.64 million. Sell-side analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were issued a dividend of $0.64 per share. This is a boost from Independent Bank's previous quarterly dividend of $0.59. The ex-dividend date was Monday, March 30th. This represents a $2.56 annualized dividend and a dividend yield of 3.2%. Independent Bank's dividend payout ratio (DPR) is presently 57.53%.

Insider Activity at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 524 shares of the business's stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total value of $44,540.00. Following the sale, the director owned 13,247 shares in the company, valued at approximately $1,125,995. The trade was a 3.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John J. Morrissey sold 1,988 shares of the business's stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $85.70, for a total value of $170,371.60. Following the completion of the sale, the director owned 12,747 shares in the company, valued at $1,092,417.90. The trade was a 13.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.60% of the company's stock.

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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