Jupiter Topco LLC Makes New Investment in Independent Bank Corp. $INDB

Jupiter Topco LLC acquired a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 21,482 shares of the bank's stock, valued at approximately $1,799,000.

A number of other institutional investors and hedge funds have also modified their holdings of INDB. BlackRock Inc. acquired a new position in shares of Independent Bank in the 2nd quarter valued at $584,333,000. Hsbc Holdings PLC bought a new position in shares of Independent Bank during the 2nd quarter worth about $6,958,000. Norges Bank acquired a new stake in shares of Independent Bank during the 4th quarter valued at about $46,117,000. Geode Capital Management LLC boosted its position in shares of Independent Bank by 1.7% during 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 in the last quarter. Finally, Fifth Third Bancorp increased its stake in Independent Bank by 4,172.0% in the first quarter. Fifth Third Bancorp now owns 12,816 shares of the bank's stock valued at $964,000 after acquiring an additional 12,516 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Up 1.5%

Shares of NASDAQ:INDB opened at $82.88 on Friday. Independent Bank Corp. has a 52 week low of $63.33 and a 52 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. The company's fifty day moving average is $84.17 and its 200-day moving average is $80.57. The company has a market capitalization of $3.93 billion, a PE ratio of 14.96 and a beta of 0.76.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its 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). Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.The firm had revenue of $253.32 million during the quarter, compared to the consensus estimate of $257.50 million. Equities research analysts predict that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

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

Insider Activity

In other news, Director Gerard Nadeau sold 5,307 shares of the firm's stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Thomas R. Venables sold 3,750 shares of Independent Bank stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total transaction of $311,250.00. Following the completion of the transaction, the director owned 17,649 shares of the company's stock, valued at $1,464,867. This trade represents a 17.52% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

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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