Spinnaker Trust Invests $1.86 Million in Independent Bank Corp. $INDB

Spinnaker Trust bought a new stake in Independent Bank Corp. (NASDAQ:INDB) during the third quarter, Holdings Channel reports. The institutional investor bought 26,835 shares of the bank’s stock, valued at approximately $1,856,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INDB. Bessemer Group Inc. raised its position in shares of Independent Bank by 598.3% in the third quarter. Bessemer Group Inc. now owns 4,455 shares of the bank’s stock valued at $307,000 after purchasing an additional 3,817 shares during the period. Savant Capital LLC bought a new stake in Independent Bank during the 3rd quarter valued at approximately $262,000. Envestnet Asset Management Inc. grew its holdings in Independent Bank by 32.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 40,950 shares of the bank’s stock valued at $2,832,000 after buying an additional 9,966 shares during the last quarter. Thrivent Financial for Lutherans increased its position in Independent Bank by 14.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 36,408 shares of the bank’s stock worth $2,518,000 after buying an additional 4,650 shares during the period. Finally, Arizona State Retirement System increased its position in Independent Bank by 19.1% in the 3rd quarter. Arizona State Retirement System now owns 14,787 shares of the bank’s stock worth $1,023,000 after buying an additional 2,371 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Performance

INDB opened at $86.01 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The business has a 50 day moving average of $76.88 and a 200-day moving average of $71.51. Independent Bank Corp. has a 12-month low of $52.15 and a 12-month high of $87.00. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of 19.33 and a beta of 0.80.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.05. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%.The firm had revenue of $253.93 million for the quarter, compared to analyst estimates of $249.64 million. On average, equities research analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Monday, December 29th were issued 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 2.7%. Independent Bank’s dividend payout ratio is 53.03%.

Insider Activity at Independent Bank

In related news, Director Thomas R. Venables sold 405 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $73.93, for a total value of $29,941.65. Following the completion of 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ken S. Ansin sold 53,000 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $69.06, for a total transaction of $3,660,180.00. Following the completion of the transaction, the director owned 53,738 shares of the company’s stock, valued at approximately $3,711,146.28. This trade represents a 49.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 200,929 shares of company stock valued at $14,016,022. Company insiders own 0.81% of the company’s stock.

Wall Street Analysts Forecast Growth

INDB has been the topic of several research analyst reports. Independent Research set a $80.00 price target on shares of Independent Bank in a research report on Wednesday, December 17th. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $80.00 to $83.00 in a report on Tuesday, October 21st. Barclays cut Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 target price on the stock. in a report on Monday. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Independent Bank has an average rating of “Hold” and an average target price of $76.50.

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.