Vanguard Group Inc. Has $429.25 Million Stake in Independent Bank Corp. $INDB

Vanguard Group Inc. trimmed its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 1.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,873,661 shares of the bank's stock after selling 70,156 shares during the quarter. Vanguard Group Inc. owned 11.85% of Independent Bank worth $429,247,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Harbor Capital Advisors Inc. raised its position in Independent Bank by 1.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank's stock valued at $930,000 after buying an additional 134 shares during the last quarter. Profund Advisors LLC raised its position in Independent Bank by 5.0% in the 3rd quarter. Profund Advisors LLC now owns 3,732 shares of the bank's stock valued at $258,000 after buying an additional 177 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Independent Bank by 0.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,246 shares of the bank's stock valued at $1,821,000 after buying an additional 177 shares during the last quarter. State of Alaska Department of Revenue raised its position in Independent Bank by 0.7% in the 4th quarter. State of Alaska Department of Revenue now owns 27,006 shares of the bank's stock valued at $1,973,000 after buying an additional 193 shares during the last quarter. Finally, Osaic Holdings Inc. raised its position in Independent Bank by 23.3% in the 2nd quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank's stock valued at $70,000 after buying an additional 211 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Trading Up 0.9%

Shares of INDB opened at $78.63 on Thursday. The business has a 50-day moving average of $77.43 and a 200 day moving average of $75.85. Independent Bank Corp. has a fifty-two week low of $57.01 and a fifty-two week high of $87.00. The firm has a market cap of $3.82 billion, a P/E ratio of 15.60 and a beta of 0.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.93 and a current ratio of 0.93.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The firm had revenue of $252.72 million during the quarter, compared to analysts' expectations of $251.45 million. During the same period last year, the business posted $1.06 EPS. As a group, research analysts forecast that Independent Bank Corp. will post 7.33 EPS for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Shareholders of record on Monday, March 30th were issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, March 30th. This is a boost from Independent Bank's previous quarterly dividend of $0.59. Independent Bank's payout ratio is presently 50.79%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on INDB shares. Raymond James Financial reissued a "strong-buy" rating and issued a $97.00 price target on shares of Independent Bank in a research report on Friday, April 17th. Piper Sandler initiated coverage on Independent Bank in a research report on Monday, March 16th. They set a "neutral" rating and a $84.00 target price for the company. Barclays raised their target price on Independent Bank from $80.00 to $82.00 and gave the company an "underweight" rating in a research report on Tuesday, April 7th. Stephens initiated coverage on Independent Bank in a research report on Wednesday, April 15th. They set an "overweight" rating and a $88.00 target price for the company. Finally, Keefe, Bruyette & Woods decreased their target price on Independent Bank from $96.00 to $94.00 and set an "outperform" rating for the company in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $87.50.

Insiders Place Their Bets

In other Independent Bank news, Director John J. Morrissey sold 1,988 shares of Independent Bank stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $85.70, for a total transaction of $170,371.60. Following the completion of the transaction, the director owned 12,747 shares of the company's stock, valued at $1,092,417.90. The trade was a 13.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.60% of the stock is owned by insiders.

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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