Independent Bank Corp. $INDB Shares Bought by Sachetta LLC

Sachetta LLC increased its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 555.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,045 shares of the bank’s stock after acquiring an additional 6,817 shares during the period. Sachetta LLC’s holdings in Independent Bank were worth $588,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of INDB. Salomon & Ludwin LLC grew its position in shares of Independent Bank by 167.2% during the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after acquiring an additional 224 shares during the period. First Horizon Corp acquired a new stake in shares of Independent Bank during the 3rd quarter valued at about $31,000. Advisory Services Network LLC acquired a new stake in shares of Independent Bank during the 3rd quarter valued at about $32,000. EverSource Wealth Advisors LLC grew its position in shares of Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after acquiring an additional 385 shares during the period. Finally, Cullen Frost Bankers Inc. acquired a new stake in shares of Independent Bank during the 3rd quarter valued at about $37,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Trading Down 0.7%

INDB stock opened at $77.45 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. Independent Bank Corp. has a 12-month low of $57.01 and a 12-month high of $87.00. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of 15.37 and a beta of 0.78. The business’s 50-day moving average is $77.57 and its 200 day moving average is $75.64.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data 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). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The firm had revenue of $252.72 million during the quarter, compared to analyst estimates of $251.45 million. During the same quarter in the previous year, the firm posted $1.06 earnings per share. On average, sell-side analysts anticipate that Independent Bank Corp. will post 7.33 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 30th were issued a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 3.3%. The ex-dividend date was Monday, March 30th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. Independent Bank’s payout ratio is presently 50.79%.

Insider Activity

In related news, Director John J. Morrissey sold 1,988 shares of Independent Bank stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $85.70, for a total value of $170,371.60. Following the sale, the director directly owned 12,747 shares in the company, valued at approximately $1,092,417.90. The trade was a 13.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Donna L. Abelli sold 524 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total transaction of $44,540.00. Following the completion of the transaction, the director directly owned 13,247 shares in the company, valued at $1,125,995. This trade represents a 3.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

INDB has been the topic of a number of analyst reports. Stephens initiated coverage on Independent Bank in a research report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 target price on the stock. Piper Sandler initiated coverage on Independent Bank in a research report on Monday, March 16th. They set a “neutral” rating and a $84.00 target price on the stock. Raymond James Financial restated a “strong-buy” rating and set a $97.00 target price on shares of Independent Bank in a research report on Friday, April 17th. Weiss Ratings upgraded Independent Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 27th. Finally, Barclays raised their target price on Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $87.50.

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.