Independent Bank Corp. $INDB Shares Bought by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC increased its stake in Independent Bank Corp. (NASDAQ:INDB) by 116.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,830 shares of the bank’s stock after acquiring an additional 46,796 shares during the period. Commonwealth Equity Services LLC’s holdings in Independent Bank were worth $6,006,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Rockland Trust Co. grew its position in Independent Bank by 21.1% in the second quarter. Rockland Trust Co. now owns 731,272 shares of the bank’s stock worth $43,268,000 after buying an additional 127,332 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Independent Bank in the 2nd quarter worth about $389,000. Squarepoint Ops LLC acquired a new stake in Independent Bank during the 2nd quarter worth about $1,486,000. Edgestream Partners L.P. purchased a new stake in Independent Bank during the second quarter valued at about $946,000. Finally, First Trust Advisors LP raised its holdings in shares of Independent Bank by 78.7% during the second quarter. First Trust Advisors LP now owns 657,570 shares of the bank’s stock valued at $41,351,000 after acquiring an additional 289,590 shares during the period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Barclays started coverage on shares of Independent Bank in a research report on Wednesday, December 17th. They set an “equal weight” rating and a $80.00 price objective on the stock. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $80.00 to $83.00 in a research note on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research note on Wednesday, October 8th. Finally, Independent Research set a $80.00 price target on shares of Independent Bank in a research report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $76.80.

Insider Activity

In other Independent Bank news, Director Thomas R. Venables sold 405 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $73.93, for a total transaction of $29,941.65. Following the transaction, the director owned 20,557 shares in the company, valued at $1,519,779.01. This trade represents a 1.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gerard F. Nadeau sold 3,000 shares of the business’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $70.00, for a total transaction of $210,000.00. Following the completion of the sale, the director owned 22,395 shares of the company’s stock, valued at $1,567,650. The trade was a 11.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 200,405 shares of company stock valued at $13,971,482. Insiders own 0.81% of the company’s stock.

Independent Bank Trading Up 1.8%

NASDAQ:INDB opened at $74.81 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.95. The company has a market capitalization of $3.71 billion, a P/E ratio of 18.20 and a beta of 0.79. The stock’s 50 day moving average price is $73.31 and its 200 day moving average price is $69.87. Independent Bank Corp. has a 52 week low of $52.15 and a 52 week high of $78.17.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, October 16th. The bank reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.01. The business had revenue of $243.74 million for the quarter, compared to the consensus estimate of $242.65 million. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. On average, research analysts forecast 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 Wednesday, January 7th. Shareholders of record on Monday, December 29th were given a $0.59 dividend. The ex-dividend date of this dividend was Monday, December 29th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank’s payout ratio is currently 57.42%.

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.