Donna Abelli Sells 524 Shares of Independent Bank (NASDAQ:INDB) Stock

Independent Bank Corp. (NASDAQ:INDB) Director Donna Abelli sold 524 shares of Independent Bank stock in a transaction 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 sale, the director directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Independent Bank Price Performance

INDB opened at $86.01 on Friday. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of 19.33 and a beta of 0.80. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a 12-month low of $52.15 and a 12-month high of $87.00. The business’s fifty day simple moving average is $76.88 and its 200-day simple moving average is $71.51.

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

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Monday, December 29th were paid a dividend of $0.59 per share. The ex-dividend date was Monday, December 29th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 2.7%. Independent Bank’s dividend payout ratio (DPR) is currently 53.03%.

Analyst Ratings Changes

A number of analysts have weighed in on INDB shares. Keefe, Bruyette & Woods upgraded Independent Bank from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $80.00 to $83.00 in a report on Tuesday, October 21st. Independent Research set a $80.00 price target on Independent Bank in a research report on Wednesday, December 17th. Barclays downgraded Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price objective on the stock. in a research report on Monday. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $76.50.

Hedge Funds Weigh In On Independent Bank

Several hedge funds and other institutional investors have recently modified their holdings of INDB. Vanguard Group Inc. grew its position in Independent Bank by 14.9% during the 3rd quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock worth $411,134,000 after purchasing an additional 769,086 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Independent Bank by 57.9% during the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after buying an additional 624,833 shares during the period. Rockland Trust Co. grew its holdings in shares of Independent Bank by 84.1% during the fourth quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock valued at $92,199,000 after buying an additional 576,183 shares during the last quarter. Norges Bank purchased a new stake in shares of Independent Bank during the second quarter valued at $31,053,000. Finally, First Trust Advisors LP increased its position in shares of Independent Bank by 78.7% in the 2nd quarter. First Trust Advisors LP now owns 657,570 shares of the bank’s stock valued at $41,351,000 after acquiring an additional 289,590 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

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.