Independent Bank Corp. $INDB Shares Bought by Reinhart Partners LLC.

Reinhart Partners LLC. raised its holdings in Independent Bank Corp. (NASDAQ:INDB) by 6.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 541,414 shares of the bank’s stock after purchasing an additional 33,718 shares during the quarter. Reinhart Partners LLC. owned 1.08% of Independent Bank worth $37,451,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Horizon Corp acquired a new position in shares of Independent Bank in the 3rd quarter valued at about $31,000. EverSource Wealth Advisors LLC raised its position in Independent Bank by 233.3% during the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after acquiring an additional 385 shares in the last quarter. Private Trust Co. NA raised its position in Independent Bank by 296.8% during the second quarter. Private Trust Co. NA now owns 619 shares of the bank’s stock valued at $39,000 after acquiring an additional 463 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Independent Bank by 95.1% in the second quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after acquiring an additional 311 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Independent Bank by 100.8% in the third quarter. GAMMA Investing LLC now owns 755 shares of the bank’s stock valued at $52,000 after acquiring an additional 379 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Independent Bank

In related news, Director Ken S. Ansin sold 144,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $69.94, for a total transaction of $10,071,360.00. Following the completion of the sale, the director directly owned 288,481 shares in the company, valued at approximately $20,176,361.14. The trade was a 33.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas R. Venables sold 405 shares of the stock in a transaction 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 directly owned 20,557 shares of the company’s stock, valued at approximately $1,519,779.01. This represents a 1.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 200,405 shares of company stock valued at $13,971,482 over the last quarter. 0.81% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on INDB. Barclays began coverage on shares of Independent Bank in a research note on Wednesday, December 17th. They set an “equal weight” rating and a $80.00 price objective on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research report on Wednesday, October 8th. Independent Research set a $80.00 price objective on shares of Independent Bank in a report on Wednesday, December 17th. Finally, Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $80.00 to $83.00 in a research note on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.80.

Independent Bank Stock Performance

NASDAQ:INDB opened at $76.45 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.95. The stock has a market capitalization of $3.79 billion, a PE ratio of 18.60 and a beta of 0.79. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $78.17. The company has a fifty day moving average of $73.58 and a two-hundred day moving average of $70.01.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, October 16th. The bank reported $1.55 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.01. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. The business had revenue of $243.74 million during the quarter, compared to analysts’ expectations of $242.65 million. As a group, research analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.1%. The ex-dividend date was Monday, December 29th. Independent Bank’s payout ratio is 57.42%.

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.