White Pine Capital LLC Takes Position in Independent Bank Corp. $INDB

White Pine Capital LLC acquired a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 25,904 shares of the bank’s stock, valued at approximately $1,792,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in INDB. First Horizon Corp purchased a new position in Independent Bank in the 3rd quarter valued at about $31,000. Cullen Frost Bankers Inc. purchased a new stake in shares of Independent Bank during the third quarter worth about $37,000. EverSource Wealth Advisors LLC raised its position in shares of Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after buying an additional 385 shares during the last quarter. Private Trust Co. NA lifted its stake in shares of 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 buying an additional 463 shares during the period. Finally, Bessemer Group Inc. boosted its position in Independent Bank by 95.1% during the second quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock worth $40,000 after acquiring an additional 311 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Up 1.6%

Shares of NASDAQ INDB opened at $83.46 on Friday. The stock has a market capitalization of $4.14 billion, a PE ratio of 18.76 and a beta of 0.80. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The firm has a fifty day moving average of $78.65 and a 200-day moving average of $72.76. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $87.00.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, January 22nd. The bank reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $249.64 million. On average, analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th were given a $0.59 dividend. The ex-dividend date of this dividend was Monday, December 29th. This represents a $2.36 annualized dividend and a yield of 2.8%. Independent Bank’s dividend payout ratio (DPR) is 53.03%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Barclays downgraded Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target for the company. in a report on Monday, February 2nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Finally, Independent Research set a $80.00 target price on Independent Bank in a research report on Wednesday, December 17th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $76.50.

Insider Buying and Selling

In related news, Director Donna L. 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 completion of the sale, the director owned 13,247 shares in the company, valued at approximately $1,125,995. The trade was a 3.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas R. Venables sold 405 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $73.93, for a total transaction of $29,941.65. Following the completion of the sale, the director owned 20,557 shares in the company, valued at approximately $1,519,779.01. This trade represents a 1.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 2,917 shares of company stock valued at $244,853. Corporate insiders own 0.81% 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.