HighTower Advisors LLC Has $1.62 Million Stock Holdings in Independent Bank Corp. $INDB

HighTower Advisors LLC grew its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 242.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,406 shares of the bank’s stock after purchasing an additional 16,581 shares during the quarter. HighTower Advisors LLC’s holdings in Independent Bank were worth $1,619,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in INDB. First Horizon Corp bought a new position in shares of Independent Bank in the third quarter valued at $31,000. EverSource Wealth Advisors LLC grew its position in shares of Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after acquiring an additional 385 shares during the period. Cullen Frost Bankers Inc. acquired a new position in shares of Independent Bank during the 3rd quarter worth about $37,000. Bessemer Group Inc. raised its holdings in shares of Independent Bank by 95.1% in the 2nd quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after purchasing an additional 311 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Independent Bank by 100.8% during the third quarter. GAMMA Investing LLC now owns 755 shares of the bank’s stock worth $52,000 after purchasing an additional 379 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on INDB. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Independent Research set a $80.00 target price on Independent Bank in a report on Wednesday, December 17th. Finally, Barclays downgraded Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target for the company. in a report on Monday, February 2nd. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $76.50.

Independent Bank Stock Performance

INDB opened at $78.07 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The business has a fifty day simple moving average of $78.98 and a 200 day simple moving average of $73.43. Independent Bank Corp. has a 1 year low of $52.15 and a 1 year high of $87.00. The company has a market capitalization of $3.87 billion, a PE ratio of 17.54 and a beta of 0.79.

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

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th were paid a $0.59 dividend. The ex-dividend date was Monday, December 29th. This represents a $2.36 annualized dividend and a yield of 3.0%. Independent Bank’s payout ratio is 53.03%.

Insider Buying and Selling at Independent Bank

In other news, Director John J. Morrissey sold 1,988 shares of Independent Bank stock in a transaction that occurred on 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 in the company, valued at approximately $1,092,417.90. The trade was a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Donna L. Abelli sold 524 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total value of $44,540.00. Following the completion of the sale, the director owned 13,247 shares of the company’s stock, valued at approximately $1,125,995. This trade represents a 3.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 2,917 shares of company stock valued at $244,853 in the last quarter. Company insiders own 0.81% of the company’s stock.

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.