Dean Capital Management Cuts Stock Position in Independent Bank Corp. $INDB

Dean Capital Management decreased its position in Independent Bank Corp. (NASDAQ:INDB) by 58.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,916 shares of the bank’s stock after selling 31,759 shares during the quarter. Dean Capital Management’s holdings in Independent Bank were worth $1,675,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of INDB. Vanguard Group Inc. lifted its stake in shares of Independent Bank by 14.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock valued at $411,134,000 after acquiring an additional 769,086 shares during the last quarter. Norges Bank bought a new position in Independent Bank during the 4th quarter worth approximately $46,117,000. Alliancebernstein L.P. increased its stake in Independent Bank by 57.9% in the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after purchasing an additional 624,833 shares during the period. Rockland Trust Co. increased its stake in Independent Bank by 84.1% in the 4th quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock worth $92,199,000 after purchasing an additional 576,183 shares during the period. Finally, Citadel Advisors LLC lifted its position in Independent Bank by 473.0% in the third quarter. Citadel Advisors LLC now owns 349,635 shares of the bank’s stock valued at $24,184,000 after purchasing an additional 288,613 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Down 0.0%

Shares of Independent Bank stock opened at $81.05 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a 12-month low of $57.01 and a 12-month high of $87.00. The company has a market cap of $3.92 billion, a P/E ratio of 16.08 and a beta of 0.77. The company’s fifty day simple moving average is $78.96 and its two-hundred day simple moving average is $78.04.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The company had revenue of $252.72 million during the quarter, compared to the consensus estimate of $251.45 million. During the same period in the previous year, the company earned $1.06 earnings per share. Research analysts anticipate that Independent Bank Corp. will post 7.33 EPS for the current year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Monday, June 29th will be given a $0.64 dividend. The ex-dividend date of this dividend is Monday, June 29th. This represents a $2.56 annualized dividend and a dividend yield of 3.2%. Independent Bank’s dividend payout ratio is currently 50.79%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on INDB. Piper Sandler began coverage on shares of Independent Bank in a research report on Monday, March 16th. They set a “neutral” rating and a $84.00 price target for the company. Hovde Group initiated coverage on shares of Independent Bank in a report on Friday, May 15th. They set an “outperform” rating and a $95.00 target price for the company. Keefe, Bruyette & Woods reduced their price target on Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a report on Monday, April 20th. Weiss Ratings raised Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 8th. Finally, Independent Research set a $95.00 price objective on Independent Bank in a report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.71.

Insider Activity

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

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.