Great Lakes Advisors LLC Cuts Stock Holdings in Independent Bank Corp. $INDB

Great Lakes Advisors LLC trimmed its stake in Independent Bank Corp. (NASDAQ:INDB) by 50.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,022 shares of the bank’s stock after selling 42,019 shares during the period. Great Lakes Advisors LLC’s holdings in Independent Bank were worth $2,907,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Truist Financial Corp purchased a new position in Independent Bank in the 3rd quarter worth approximately $204,000. Stablepoint Partners LLC lifted its holdings in shares of Independent Bank by 1.9% during the 3rd quarter. Stablepoint Partners LLC now owns 24,167 shares of the bank’s stock worth $1,672,000 after acquiring an additional 441 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Independent Bank by 3.6% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 8,142 shares of the bank’s stock worth $564,000 after acquiring an additional 280 shares in the last quarter. Cabot Wealth Management Inc. bought a new position in Independent Bank in the third quarter valued at $303,000. Finally, Cullen Frost Bankers Inc. purchased a new stake in Independent Bank during the third quarter valued at about $37,000. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Up 0.3%

Shares of Independent Bank stock opened at $80.78 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $81.47. The company’s 50 day moving average price is $75.66 and its 200-day moving average price is $70.93. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 18.15 and a beta of 0.79.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 22nd. The bank reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.05. The business had revenue of $253.93 million during the quarter, compared to analysts’ expectations of $249.64 million. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. Equities research analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Monday, December 29th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Monday, December 29th. Independent Bank’s dividend payout ratio is currently 53.03%.

Insider Buying and Selling

In other news, Director Thomas R. Venables sold 405 shares of Independent Bank stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $73.93, for a total value of $29,941.65. Following the sale, the director directly owned 20,557 shares in the company, valued at approximately $1,519,779.01. This trade represents a 1.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gerard F. Nadeau sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $70.00, for a total value of $210,000.00. Following the transaction, the director owned 22,395 shares of the company’s stock, valued at approximately $1,567,650. This represents a 11.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 200,405 shares of company stock valued at $13,971,482 over the last ninety days. 0.81% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on INDB. Keefe, Bruyette & Woods upgraded Independent Bank from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $80.00 to $83.00 in a report on Tuesday, October 21st. Independent Research set a $80.00 target price on Independent Bank in a research note on Wednesday, December 17th. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Finally, Barclays assumed coverage on shares of Independent Bank in a report on Wednesday, December 17th. They issued an “equal weight” rating and a $80.00 price objective for the company. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $76.50.

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.