Jupiter Topco LLC Takes $1.80 Million Position in Independent Bank Corp. $INDB

Jupiter Topco LLC purchased a new stake in Independent Bank Corp. (NASDAQ:INDB) in the second quarter, Holdings Channel.com reports. The firm purchased 21,482 shares of the bank’s stock, valued at approximately $1,799,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Independent Bank during the 2nd quarter worth about $584,333,000. Hsbc Holdings PLC bought a new position in shares of Independent Bank in the second quarter worth about $6,958,000. Norges Bank bought a new position in shares of Independent Bank in the fourth quarter worth about $46,117,000. Geode Capital Management LLC lifted its position in shares of Independent Bank by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock worth $90,082,000 after purchasing an additional 20,278 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Independent Bank by 4,172.0% during the first quarter. Fifth Third Bancorp now owns 12,816 shares of the bank’s stock worth $964,000 after purchasing an additional 12,516 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analyst Ratings Changes

INDB has been the topic of several research analyst reports. Independent Research set a $95.00 price target on shares of Independent Bank in a research note on Friday, May 15th. Keefe, Bruyette & Woods dropped their price objective on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Monday, July 20th. Piper Sandler upped their price objective on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Hovde Group started coverage on Independent Bank in a research report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price objective on the stock. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $91.86.

Independent Bank Stock Performance

Independent Bank stock opened at $82.88 on Friday. The company has a market cap of $3.93 billion, a PE ratio of 14.96 and a beta of 0.76. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. Independent Bank Corp. has a 1 year low of $63.33 and a 1 year high of $87.50. The company’s 50-day moving average is $84.17 and its two-hundred day moving average is $80.57.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.09). The business had revenue of $253.32 million for the quarter, compared to analyst estimates of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. Equities analysts anticipate that Independent Bank Corp. will post 7.11 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders 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 dividend on an annualized basis and a yield of 3.1%. Independent Bank’s dividend payout ratio (DPR) is presently 46.21%.

Insider Buying and Selling

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

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.