SG Americas Securities LLC reduced its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 24.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 178,170 shares of the bank's stock after selling 58,163 shares during the quarter. SG Americas Securities LLC owned about 0.37% of Independent Bank worth $13,400,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Independent Bank by 14.9% in the third quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank's stock valued at $411,134,000 after acquiring an additional 769,086 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Independent Bank by 10.6% during the third quarter. Dimensional Fund Advisors LP now owns 2,606,415 shares of the bank's stock worth $180,286,000 after purchasing an additional 250,651 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Independent Bank by 57.9% in the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank's stock valued at $107,102,000 after purchasing an additional 624,833 shares in the last quarter. Rockland Trust Co. increased its stake in shares of Independent Bank by 84.1% in the 4th quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank's stock valued at $92,199,000 after purchasing an additional 576,183 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake 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 purchasing an additional 20,278 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.
Independent Bank Stock Performance
NASDAQ INDB opened at $85.19 on Friday. The company has a market capitalization of $4.12 billion, a price-to-earnings ratio of 16.90 and a beta of 0.77. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a twelve month low of $61.19 and a twelve month high of $87.00. The stock has a fifty day simple moving average of $79.34 and a 200 day simple moving average of $78.42.
Independent Bank (NASDAQ:INDB - Get Free Report) last announced its earnings results on Thursday, April 16th. The bank reported $1.68 EPS for the quarter, missing the consensus estimate of $1.70 by ($0.02). The company had revenue of $252.72 million for the quarter, compared to analyst estimates of $251.45 million. Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.During the same period in the previous year, the firm posted $1.06 earnings per share. Sell-side analysts expect that Independent Bank Corp. will post 7.33 EPS for the current year.
Independent Bank Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Monday, June 29th will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, June 29th. Independent Bank's payout ratio is currently 50.79%.
Insider Buying and Selling
In related news, Director Joseph C. Lerner sold 2,832 shares of the company's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $77.31, for a total value of $218,941.92. Following the sale, the director directly owned 16,215 shares in the company, valued at $1,253,581.65. This represents a 14.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.60% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on INDB shares. Keefe, Bruyette & Woods lowered their price target on Independent Bank from $96.00 to $94.00 and set an "outperform" rating for the company in a report on Monday, April 20th. Independent Research set a $95.00 target price on Independent Bank in a research note on Friday, May 15th. Hovde Group initiated coverage on Independent Bank in a research note on Friday, May 15th. They set an "outperform" rating and a $95.00 target price for the company. Barclays increased their target price on shares of Independent Bank from $80.00 to $82.00 and gave the stock an "underweight" rating in a report on Tuesday, April 7th. Finally, Weiss Ratings raised shares of Independent Bank from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Independent Bank presently has an average rating of "Moderate Buy" and a consensus target price of $91.57.
Read Our Latest Report on Independent Bank
Independent Bank Profile
(
Free Report)
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.
See Also
Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp. (NASDAQ:INDB - Free Report).
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