NFJ Investment Group LLC Purchases Shares of 421,384 Independent Bank Corp. $INDB

Key Points

• NFJ Investment Group acquired 421,384 shares of Independent Bank Corp. worth approximately $35.3 million, representing a 0.89% stake and 1.2% of NFJ’s portfolio. Institutional investors and hedge funds collectively own 83.4% of the stock.
• Independent Bank’s latest quarterly results fell short of expectations, with earnings per share of $1.70 versus the $1.79 consensus and revenue of $253.3 million versus $257.5 million expected.
• The company pays a quarterly dividend of $0.64, or $2.56 annually, yielding about 3.1%. Analysts maintain a “Moderate Buy” consensus with an average price target of $91.86, above the reported share price of $83.51.

NFJ Investment Group LLC acquired a new stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 421,384 shares of the bank's stock, valued at approximately $35,278,000. Independent Bank accounts for 1.2% of NFJ Investment Group LLC's holdings, making the stock its 27th biggest holding. NFJ Investment Group LLC owned 0.89% of Independent Bank as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in INDB. Salomon & Ludwin LLC raised its holdings in Independent Bank by 167.2% in the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank's stock valued at $27,000 after acquiring an additional 224 shares in the last quarter. Ballast Advisors LLC acquired a new stake in shares of Independent Bank in the 1st quarter valued at $30,000. Advisory Services Network LLC purchased a new stake in shares of Independent Bank during the 3rd quarter worth $32,000. EverSource Wealth Advisors LLC lifted its position in shares of Independent Bank by 233.3% during the 2nd 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 last quarter. Finally, Danske Bank A S acquired a new position in shares of Independent Bank during the third quarter worth $42,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Gerard F. Nadeau sold 5,307 shares of the 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 sale, the director owned 16,907 shares in the company, valued at $1,431,853.83. This represents a 23.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by company insiders.

Independent Bank Trading Up 0.2%

NASDAQ:INDB opened at $83.51 on Friday. The stock's 50 day moving average price is $84.19 and its 200 day moving average price is $80.71. The company has a market capitalization of $3.96 billion, a PE ratio of 15.07 and a beta of 0.78. 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.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings data 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). The firm 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%. On average, research analysts anticipate that Independent Bank Corp. will post 7.11 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were issued a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank's payout ratio is presently 46.21%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Independent Research set a $95.00 price target on Independent Bank in a report on Friday, May 15th. Piper Sandler raised their target price on Independent Bank from $84.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods decreased their target price on Independent Bank from $99.00 to $96.00 and set an "outperform" rating for the company in a research note on Monday, July 20th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Independent Bank in a report on Wednesday, August 5th. Finally, Hovde Group initiated coverage on shares of Independent Bank in a research note on Friday, May 15th. They issued an "outperform" rating and a $95.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Independent Bank presently has a consensus rating of "Moderate Buy" and a consensus 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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