UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 16,809 Shares of Independent Bank Corp. $INDB

Key Points

• UBS Asset Management reduced its Independent Bank stake by 16.3% in the second quarter, selling 16,809 shares and retaining 86,411 shares valued at approximately $7.2 million. Institutional investors collectively own 83.4% of the company.
• Independent Bank recently reported quarterly EPS of $1.70, below the $1.79 analyst consensus, while revenue of $253.3 million also missed estimates. The company pays a quarterly dividend of $0.64 per share, yielding about 3.1% annually.
• The stock was trading near $83.90, with analysts holding a consensus “Moderate Buy” rating and an average price target of $91.86. Two company directors also recently sold shares, reducing their respective holdings.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 16.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 86,411 shares of the bank's stock after selling 16,809 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.18% of Independent Bank worth $7,234,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in INDB. Ballast Advisors LLC bought a new stake in Independent Bank in the first quarter valued at about $30,000. Advisory Services Network LLC bought a new position in Independent Bank during the third quarter worth about $32,000. EverSource Wealth Advisors LLC boosted its holdings in Independent Bank by 233.3% during the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank's stock worth $35,000 after buying an additional 385 shares during the last quarter. Danske Bank A S acquired a new position in shares of Independent Bank during the 3rd quarter worth about $42,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Independent Bank during the 2nd quarter worth about $48,000. 83.40% of the stock is currently owned by institutional investors.

Insider Activity at Independent Bank

In other news, Director Thomas R. Venables sold 3,750 shares of the business's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the sale, the director owned 17,649 shares of the company's stock, valued at $1,464,867. The trade was a 17.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gerard F. Nadeau sold 5,307 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total transaction of $449,449.83. Following the transaction, the director owned 16,907 shares of the company's stock, valued at $1,431,853.83. The trade was a 23.89% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by company insiders.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $83.90 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $3.97 billion, a price-to-earnings ratio of 15.14 and a beta of 0.76. The stock's 50-day moving average is $84.16 and its 200-day moving average is $80.58. Independent Bank Corp. has a one year low of $63.33 and a one year high of $87.50.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $257.50 million. Equities analysts predict that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages recently weighed in on INDB. Weiss Ratings reiterated a "buy (b)" rating on shares of Independent Bank in a research report on Wednesday, August 5th. Piper Sandler boosted their price objective on shares of Independent Bank from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $99.00 to $96.00 and set an "outperform" rating for the company in a research note on Monday, July 20th. Independent Research set a $95.00 target price on shares of Independent Bank in a report on Friday, May 15th. Finally, Hovde Group assumed coverage on shares of Independent Bank in a research report on Friday, May 15th. They set an "outperform" rating and a $95.00 price target on the stock. One investment 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 assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.