Dean Capital Management Has $3.78 Million Stock Position in Independent Bank Corp. $INDB

Dean Capital Management boosted its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 19.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 54,675 shares of the bank’s stock after purchasing an additional 9,016 shares during the quarter. Independent Bank makes up approximately 1.5% of Dean Capital Management’s investment portfolio, making the stock its 9th biggest position. Dean Capital Management’s holdings in Independent Bank were worth $3,782,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Profund Advisors LLC increased its stake in shares of Independent Bank by 5.0% in the 3rd quarter. Profund Advisors LLC now owns 3,732 shares of the bank’s stock valued at $258,000 after buying an additional 177 shares during the period. Osaic Holdings Inc. lifted its stake in shares of Independent Bank by 23.3% during the second quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock valued at $70,000 after acquiring an additional 211 shares during the period. California State Teachers Retirement System boosted its holdings in Independent Bank by 0.6% in the second quarter. California State Teachers Retirement System now owns 39,289 shares of the bank’s stock valued at $2,471,000 after acquiring an additional 224 shares during the last quarter. Tidal Investments LLC boosted its holdings in Independent Bank by 5.3% in the second quarter. Tidal Investments LLC now owns 4,979 shares of the bank’s stock valued at $313,000 after acquiring an additional 251 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in Independent Bank by 49.6% in the third quarter. Smartleaf Asset Management LLC now owns 826 shares of the bank’s stock worth $57,000 after purchasing an additional 274 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Independent Research set a $80.00 price objective on Independent Bank in a report on Wednesday, December 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Finally, Barclays downgraded shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target for the company. in a research note 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 given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $76.50.

Insider Transactions at Independent Bank

In related 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 transaction of $170,371.60. Following the transaction, the director owned 12,747 shares of the company’s stock, valued at $1,092,417.90. This trade represents a 13.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 transaction of $44,540.00. Following the transaction, the director owned 13,247 shares of the company’s stock, valued at approximately $1,125,995. This represents a 3.81% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.81% of the company’s stock.

Independent Bank Stock Down 0.5%

Shares of Independent Bank stock opened at $74.74 on Monday. The business has a fifty day simple moving average of $79.47 and a 200 day simple moving average of $74.03. The stock has a market cap of $3.66 billion, a PE ratio of 16.80 and a beta of 0.79. The company has a quick ratio of 0.95, a current 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.

Independent Bank (NASDAQ:INDB) last released its earnings results 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 for the quarter, compared to analyst estimates of $249.64 million. Research analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

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.