Geode Capital Management LLC Boosts Holdings in Independent Bank Corp. $INDB

Geode Capital Management LLC boosted its position in Independent Bank Corp. (NASDAQ:INDB) by 1.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 1,232,467 shares of the bank’s stock after purchasing an additional 20,278 shares during the quarter. Geode Capital Management LLC’s holdings in Independent Bank were worth $90,082,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Salomon & Ludwin LLC lifted its stake in Independent Bank by 167.2% in the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after purchasing an additional 224 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Independent Bank in the 3rd quarter worth approximately $32,000. EverSource Wealth Advisors LLC lifted its stake in Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after purchasing an additional 385 shares in the last quarter. Danske Bank A S purchased a new stake in Independent Bank in the 3rd quarter worth approximately $42,000. Finally, First Horizon Corp lifted its stake in Independent Bank by 47.8% in the 4th quarter. First Horizon Corp now owns 659 shares of the bank’s stock worth $48,000 after purchasing an additional 213 shares in the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

INDB has been the topic of several recent analyst reports. Raymond James Financial reiterated a “strong-buy” rating and issued a $97.00 target price on shares of Independent Bank in a research note on Friday, April 17th. Hovde Group assumed coverage on shares of Independent Bank in a report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price target on the stock. Piper Sandler assumed coverage on shares of Independent Bank in a report on Monday, March 16th. They set a “neutral” rating and a $84.00 target price on the stock. Stephens assumed coverage on shares of Independent Bank in a report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 target price on the stock. Finally, Weiss Ratings raised shares of Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $90.71.

Insider Activity at Independent Bank

In related news, Director Joseph C. Lerner sold 2,832 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $77.31, for a total value of $218,941.92. Following the transaction, the director owned 16,215 shares of the company’s stock, valued at $1,253,581.65. This trade represents a 14.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.

Independent Bank Stock Performance

Shares of NASDAQ INDB opened at $79.57 on Monday. Independent Bank Corp. has a 1 year low of $57.01 and a 1 year high of $87.00. The stock has a market cap of $3.85 billion, a P/E ratio of 15.79 and a beta of 0.78. The firm has a 50-day moving average of $77.96 and a 200 day moving average of $77.34. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.02). The firm had revenue of $252.72 million during the quarter, compared to analysts’ expectations of $251.45 million. Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.During the same period last year, the firm posted $1.06 earnings per share. As a group, sell-side analysts expect that Independent Bank Corp. will post 7.33 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were issued a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 3.2%. This is a boost from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, March 30th. Independent Bank’s payout ratio is presently 50.79%.

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.