SG Americas Securities LLC Has $13.40 Million Stake in Independent Bank Corp. $INDB

SG Americas Securities LLC reduced its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 24.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 178,170 shares of the bank’s stock after selling 58,163 shares during the period. SG Americas Securities LLC’s holdings in Independent Bank were worth $13,400,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in INDB. Harbor Capital Advisors Inc. lifted its stake in shares of Independent Bank by 1.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank’s stock valued at $930,000 after purchasing an additional 134 shares during the period. Xponance LLC increased its holdings in Independent Bank by 3.6% in the fourth quarter. Xponance LLC now owns 3,981 shares of the bank’s stock worth $291,000 after purchasing an additional 140 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Independent Bank by 26.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock worth $52,000 after purchasing an additional 146 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in Independent Bank by 2.0% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank’s stock valued at $607,000 after buying an additional 161 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Independent Bank by 0.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 24,246 shares of the bank’s stock valued at $1,821,000 after buying an additional 177 shares during the period. 83.40% of the stock is owned by institutional investors.

Insider Transactions at Independent Bank

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

Independent Bank Stock Performance

Shares of INDB stock opened at $85.19 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The firm has a fifty day simple moving average of $79.34 and a two-hundred day simple moving average of $78.42. Independent Bank Corp. has a 12 month low of $61.19 and a 12 month high of $87.00. The firm has a market capitalization of $4.12 billion, a PE ratio of 16.90 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). The business had revenue of $252.72 million during the quarter, compared to the consensus estimate 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 last year, the business posted $1.06 earnings per share. Analysts forecast that Independent Bank Corp. will post 7.33 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Monday, June 29th will be given a dividend of $0.64 per share. The ex-dividend date of this dividend is Monday, June 29th. This represents a $2.56 annualized dividend and a dividend yield of 3.0%. Independent Bank’s payout ratio is presently 50.79%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Hovde Group started coverage on shares of Independent Bank in a research report on Friday, May 15th. They set an “outperform” rating and a $95.00 price objective for the company. Independent Research set a $95.00 target price on shares of Independent Bank in a research report on Friday, May 15th. Keefe, Bruyette & Woods cut their target price on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a research note on Monday, April 20th. Stephens started coverage on shares of Independent Bank in a report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price target for the company. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $97.00 price target on shares of Independent Bank in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $91.57.

About Independent Bank

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.