Fifth Third Bancorp Has $964,000 Holdings in Independent Bank Corp. $INDB

Fifth Third Bancorp boosted its holdings in Independent Bank Corp. (NASDAQ:INDB) by 4,172.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 12,816 shares of the bank’s stock after acquiring an additional 12,516 shares during the period. Fifth Third Bancorp’s holdings in Independent Bank were worth $964,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently made changes to their positions in INDB. Alliancebernstein L.P. raised its position in shares of Independent Bank by 57.9% in the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock valued at $107,102,000 after buying an additional 624,833 shares in the last quarter. Rockland Trust Co. increased its stake in Independent Bank by 84.1% during the 4th quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock worth $92,199,000 after acquiring an additional 576,183 shares during the period. Geode Capital Management LLC raised its holdings in Independent Bank by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock valued at $90,082,000 after acquiring an additional 20,278 shares in the last quarter. Deprince Race & Zollo Inc. raised its holdings in Independent Bank by 1.3% in the 4th quarter. Deprince Race & Zollo Inc. now owns 1,046,475 shares of the bank’s stock valued at $76,476,000 after acquiring an additional 13,935 shares in the last quarter. Finally, Verition Fund Management LLC lifted its position in shares of Independent Bank by 17.6% during the 3rd quarter. Verition Fund Management LLC now owns 946,006 shares of the bank’s stock valued at $65,435,000 after acquiring an additional 141,888 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Insider Buying and Selling at Independent Bank

In related news, Director Joseph C. Lerner sold 2,832 shares of Independent Bank stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $77.31, for a total transaction of $218,941.92. Following the sale, the director directly owned 16,215 shares of the company’s stock, valued at approximately $1,253,581.65. The trade was a 14.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.60% of the company’s stock.

Independent Bank Stock Performance

Shares of INDB opened at $85.12 on Monday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.93 and a current ratio of 0.93. Independent Bank Corp. has a 52-week low of $61.55 and a 52-week high of $87.50. The firm has a market cap of $4.11 billion, a price-to-earnings ratio of 15.36 and a beta of 0.77. The business’s fifty day moving average is $82.00 and its 200-day moving average is $79.68.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.09). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The business had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. Equities analysts anticipate that Independent Bank Corp. will post 7.15 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, June 29th. Independent Bank’s dividend payout ratio (DPR) is presently 46.21%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Piper Sandler raised their price target on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Weiss Ratings raised shares of Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 8th. Independent Research set a $95.00 price objective on shares of Independent Bank in a research note on Friday, May 15th. Raymond James Financial reissued a “strong-buy” rating and issued a $97.00 target price on shares of Independent Bank in a report on Friday, April 17th. Finally, Stephens assumed coverage on shares of Independent Bank in a research report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Independent Bank currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.86.

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.