State of New Jersey Common Pension Fund D Invests $2.20 Million in Independent Bank Corp. $INDB

State of New Jersey Common Pension Fund D bought a new position in Independent Bank Corp. (NASDAQ:INDB) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 31,766 shares of the bank’s stock, valued at approximately $2,197,000. State of New Jersey Common Pension Fund D owned about 0.06% of Independent Bank at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. First Horizon Corp purchased a new stake in Independent Bank in the 3rd quarter worth approximately $31,000. EverSource Wealth Advisors LLC raised its holdings in shares of Independent Bank by 233.3% during the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after acquiring an additional 385 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new stake in Independent Bank in the third quarter worth $37,000. Bessemer Group Inc. boosted its holdings in Independent Bank by 95.1% in the second quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after acquiring an additional 311 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in Independent Bank by 100.8% during the 3rd quarter. GAMMA Investing LLC now owns 755 shares of the bank’s stock valued at $52,000 after purchasing an additional 379 shares during the period. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Barclays cut shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 target price for the company. in a research report on Monday, February 2nd. Independent Research set a $80.00 price target on shares of Independent Bank in a research note on Wednesday, December 17th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $76.50.

Insider Buying and Selling

In other Independent Bank news, Director Donna L. Abelli sold 524 shares of Independent Bank stock in a transaction 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 owned 13,247 shares in the company, valued at approximately $1,125,995. The trade was a 3.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas R. Venables sold 405 shares of the business’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $73.93, for a total value of $29,941.65. Following the completion of the sale, the director directly owned 20,557 shares in the company, valued at $1,519,779.01. This trade represents a 1.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,917 shares of company stock worth $244,853 in the last 90 days. Insiders own 0.81% of the company’s stock.

Independent Bank Stock Down 4.2%

NASDAQ:INDB opened at $79.99 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The firm’s 50-day moving average price is $78.70 and its 200-day moving average price is $73.01. The company has a market capitalization of $3.97 billion, a PE ratio of 17.98 and a beta of 0.80. Independent Bank Corp. has a 1-year low of $52.15 and a 1-year high of $87.00.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, topping the consensus estimate of $1.65 by $0.05. The business had revenue of $253.93 million for the quarter, compared to analyst estimates of $249.64 million. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. On average, equities analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared 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 was Monday, December 29th. This represents a $2.36 annualized dividend and a dividend yield of 3.0%. Independent Bank’s dividend payout ratio is presently 53.03%.

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.