112,026 Shares in Independent Bank Corp. $INDB Acquired by Legal & General Group Plc

Legal & General Group Plc bought a new position in Independent Bank Corp. (NASDAQ:INDB) in the 2nd quarter, HoldingsChannel.com reports. The fund bought 112,026 shares of the bank’s stock, valued at approximately $9,379,000.

A number of other institutional investors and hedge funds have also bought and sold shares of INDB. Ballast Advisors LLC purchased a new position in shares of Independent Bank during the first quarter worth approximately $30,000. Advisory Services Network LLC purchased a new stake in shares of Independent Bank in the 3rd quarter valued at $32,000. EverSource Wealth Advisors LLC boosted its stake in shares of Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after purchasing an additional 385 shares in the last quarter. Danske Bank A S bought a new position in shares of Independent Bank during the 3rd quarter valued at $42,000. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Independent Bank during the 4th quarter valued at $48,000. 83.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Piper Sandler boosted their price target on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th. Keefe, Bruyette & Woods decreased their price objective on Independent Bank from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Monday, July 20th. Independent Research set a $95.00 target price on Independent Bank in a research note on Friday, May 15th. Finally, Hovde Group assumed coverage on Independent Bank in a report on Friday, May 15th. They set an “outperform” rating and a $95.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.86.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Gerard F. Nadeau sold 5,307 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total transaction of $449,449.83. Following the completion of the transaction, the director owned 16,907 shares of the company’s stock, valued at $1,431,853.83. This represents a 23.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Thomas R. Venables sold 3,750 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the completion of the sale, the director owned 17,649 shares of the company’s stock, valued at approximately $1,464,867. This trade represents a 17.52% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by insiders.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $79.94 on Wednesday. The firm has a market cap of $3.79 billion, a PE ratio of 14.43 and a beta of 0.76. Independent Bank Corp. has a 12-month low of $63.33 and a 12-month high of $87.50. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. The company’s fifty day simple moving average is $84.26 and its two-hundred day simple moving average is $80.58.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). The firm had revenue of $253.32 million during the quarter, compared to analysts’ expectations of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. As a group, equities analysts expect that Independent Bank Corp. will post 7.11 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were paid a $0.64 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $2.56 annualized dividend and a dividend yield of 3.2%. Independent Bank’s dividend payout ratio (DPR) is presently 46.21%.

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.