Independent Bank Corp. $INDB Shares Sold by Maltese Capital Management LLC

Maltese Capital Management LLC lowered its holdings in Independent Bank Corp. (NASDAQ:INDB) by 17.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 63,500 shares of the bank’s stock after selling 13,000 shares during the quarter. Maltese Capital Management LLC’s holdings in Independent Bank were worth $4,641,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Salomon & Ludwin LLC lifted its position in Independent Bank by 167.2% during the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after purchasing an additional 224 shares during the period. Advisory Services Network LLC purchased a new position in shares of Independent Bank during the 3rd quarter valued at about $32,000. EverSource Wealth Advisors LLC raised its stake 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 buying an additional 385 shares during the last quarter. Danske Bank A S acquired a new position in shares of Independent Bank in the 3rd quarter valued at about $42,000. Finally, First Horizon Corp boosted its stake in shares of Independent Bank by 47.8% in the fourth quarter. First Horizon Corp now owns 659 shares of the bank’s stock worth $48,000 after buying an additional 213 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Insider Activity at Independent Bank

In other news, Director Joseph C. Lerner sold 2,832 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the sale, the director owned 16,215 shares of the company’s stock, valued at $1,253,581.65. The trade was a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is owned by corporate insiders.

Independent Bank Stock Down 1.5%

Independent Bank stock opened at $82.05 on Tuesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market capitalization of $3.97 billion, a PE ratio of 16.28 and a beta of 0.78. The business has a 50 day simple moving average of $78.72 and a 200-day simple moving average of $77.85. Independent Bank Corp. has a 12 month low of $57.01 and a 12 month high of $87.00.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). The company had revenue of $252.72 million during the quarter, compared to analyst estimates of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same period in the prior year, the business posted $1.06 EPS. On average, analysts anticipate 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 given a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, March 30th. Independent Bank’s dividend payout ratio (DPR) is 50.79%.

Analyst Ratings Changes

INDB has been the subject of several recent research reports. Independent Research set a $95.00 price target on Independent Bank in a research report on Friday, May 15th. Stephens started coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price objective on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating for the company in a research note on Monday, April 20th. Barclays increased their price target on shares of Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a report on Tuesday, April 7th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $97.00 price target on shares of Independent Bank in a research report on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.71.

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.