Teacher Retirement System of Texas Sells 19,371 Shares of Independent Bank Corp. (NASDAQ:INDB)

Teacher Retirement System of Texas decreased its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 61.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,227 shares of the bank's stock after selling 19,371 shares during the period. Teacher Retirement System of Texas' holdings in Independent Bank were worth $766,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in INDB. Deprince Race & Zollo Inc. raised its holdings in shares of Independent Bank by 687.2% in the 4th quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank's stock worth $60,868,000 after buying an additional 827,793 shares in the last quarter. Norges Bank bought a new stake in Independent Bank in the fourth quarter valued at $28,810,000. Russell Investments Group Ltd. raised its stake in Independent Bank by 302.5% during the fourth quarter. Russell Investments Group Ltd. now owns 162,206 shares of the bank's stock worth $10,412,000 after acquiring an additional 121,906 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Independent Bank during the fourth quarter valued at $3,207,000. Finally, American Century Companies Inc. lifted its holdings in shares of Independent Bank by 10.9% during the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank's stock valued at $30,128,000 after acquiring an additional 46,046 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

INDB has been the subject of a number of recent analyst reports. Piper Sandler dropped their target price on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. Finally, Wall Street Zen cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Independent Bank presently has an average rating of "Moderate Buy" and an average price target of $71.00.

Independent Bank Price Performance

Shares of NASDAQ:INDB traded up $1.52 during midday trading on Thursday, reaching $65.69. The company's stock had a trading volume of 425,245 shares, compared to its average volume of 304,689. The business's fifty day simple moving average is $63.60 and its 200-day simple moving average is $63.36. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.96 and a quick ratio of 0.96. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23. The company has a market capitalization of $2.80 billion, a P/E ratio of 14.80 and a beta of 0.84.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.05. Independent Bank had a net margin of 19.12% and a return on equity of 6.41%. As a group, equities research analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 annualized dividend and a dividend yield of 3.59%. Independent Bank's dividend payout ratio (DPR) is currently 53.15%.

About Independent Bank

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.