Independent Bank (NASDAQ:INDB) Director Sells $170,371.60 in Stock

Independent Bank Corp. (NASDAQ:INDB) Director John Morrissey sold 1,988 shares of the firm’s stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Independent Bank Price Performance

Shares of NASDAQ INDB traded down $0.83 on Monday, hitting $85.18. The company’s stock had a trading volume of 229,494 shares, compared to its average volume of 358,884. The stock has a 50 day moving average of $76.88 and a 200-day moving average of $71.55. The company has a market capitalization of $4.22 billion, a price-to-earnings ratio of 19.14 and a beta of 0.80. Independent Bank Corp. has a 12-month low of $52.15 and a 12-month high of $87.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, January 22nd. The bank reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.05. The firm had revenue of $253.93 million for the quarter, compared to analyst estimates of $249.64 million. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%. As a group, research analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Monday, December 29th were paid 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 payout ratio is presently 53.03%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on INDB shares. 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 report on Monday, February 2nd. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $80.00 to $83.00 in a research note on Tuesday, October 21st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a report on Thursday, January 22nd. Finally, Independent Research set a $80.00 price objective on Independent Bank in a report on Wednesday, December 17th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Independent Bank has an average rating of “Hold” and an average price target of $76.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in Independent Bank by 10.6% during the first quarter. Royal Bank of Canada now owns 12,451 shares of the bank’s stock worth $779,000 after acquiring an additional 1,189 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Independent Bank by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank’s stock worth $1,583,000 after purchasing an additional 1,112 shares during the period. Goldman Sachs Group Inc. increased its position in Independent Bank by 2.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock worth $37,584,000 after purchasing an additional 11,714 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Independent Bank by 8.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank’s stock worth $6,623,000 after purchasing an additional 8,435 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in Independent Bank by 1,222.7% in the first quarter. Jane Street Group LLC now owns 74,057 shares of the bank’s stock valued at $4,640,000 after buying an additional 68,458 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

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.