Cibc World Market Inc. Buys New Stake in Independent Bank Corp. $INDB

Cibc World Market Inc. acquired a new stake in Independent Bank Corp. (NASDAQ:INDB) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 94,065 shares of the bank’s stock, valued at approximately $6,506,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Royal Bank of Canada lifted its position in Independent Bank by 10.6% during the 1st quarter. Royal Bank of Canada now owns 12,451 shares of the bank’s stock worth $779,000 after acquiring an additional 1,189 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Independent Bank by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank’s stock valued at $1,583,000 after purchasing an additional 1,112 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Independent Bank by 2.0% during the first quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock worth $37,584,000 after purchasing an additional 11,714 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Independent Bank by 8.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank’s stock valued at $6,623,000 after purchasing an additional 8,435 shares during the period. Finally, Jane Street Group LLC grew its holdings in Independent Bank by 1,222.7% during the 1st quarter. Jane Street Group LLC now owns 74,057 shares of the bank’s stock valued at $4,640,000 after purchasing an additional 68,458 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Trading Up 1.0%

NASDAQ:INDB opened at $83.68 on Friday. The stock has a market cap of $4.15 billion, a price-to-earnings ratio of 18.80 and a beta of 0.80. 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 1 year low of $52.15 and a 1 year high of $87.00. The business has a fifty day moving average of $77.93 and a 200-day moving average of $72.15.

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

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Monday, December 29th were given a dividend of $0.59 per share. The ex-dividend date was Monday, December 29th. This represents a $2.36 annualized dividend and a dividend yield of 2.8%. Independent Bank’s dividend payout ratio (DPR) is 53.03%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods upgraded Independent Bank from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock 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 for the company. in a research note on Monday, February 2nd. Finally, Independent Research set a $80.00 price target on shares of Independent Bank in a report on Wednesday, December 17th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Independent Bank currently has a consensus rating of “Hold” and an average target price of $76.50.

Insider Transactions at Independent Bank

In other Independent Bank news, Director John J. Morrissey sold 1,988 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $85.70, for a total value of $170,371.60. Following the completion of the sale, the director directly owned 12,747 shares of the company’s stock, valued at approximately $1,092,417.90. This represents a 13.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gerard F. Nadeau sold 3,000 shares of Independent Bank stock in a transaction that occurred 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 transaction, the director directly owned 22,395 shares in the company, valued at $1,567,650. This represents a 11.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 5,917 shares of company stock worth $454,853 over the last 90 days. 0.81% of the stock is currently owned by corporate insiders.

About Independent Bank

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.