Victory Capital Management Inc. Cuts Position in Independent Bank Corp. $INDB

Victory Capital Management Inc. trimmed its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 5.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 858,683 shares of the bank’s stock after selling 47,375 shares during the period. Victory Capital Management Inc. owned about 1.73% of Independent Bank worth $59,395,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Independent Bank by 14.9% in the 3rd quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock valued at $411,134,000 after acquiring an additional 769,086 shares during the period. Alliancebernstein L.P. boosted its position in Independent Bank by 57.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after purchasing an additional 624,833 shares during the period. Norges Bank purchased a new stake in Independent Bank during the 2nd quarter worth $31,053,000. First Trust Advisors LP increased its holdings in Independent Bank by 78.7% in the 2nd quarter. First Trust Advisors LP now owns 657,570 shares of the bank’s stock valued at $41,351,000 after purchasing an additional 289,590 shares in the last quarter. Finally, Basswood Capital Management L.L.C. increased its holdings in Independent Bank by 126.5% in the 2nd quarter. Basswood Capital Management L.L.C. now owns 317,305 shares of the bank’s stock valued at $19,954,000 after purchasing an additional 177,243 shares in the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Barclays cut Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price objective on the stock. in a research note on Monday, February 2nd. 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 target on Independent Bank in a research report on Wednesday, December 17th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Independent Bank has an average rating of “Hold” and an average target price of $76.50.

Independent Bank Stock Performance

Independent Bank stock opened at $77.21 on Friday. 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. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of 17.35 and a beta of 0.79. The firm’s fifty day moving average price is $79.26 and its 200 day moving average price is $73.75.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, January 22nd. The bank reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.05. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%.The company had revenue of $253.93 million during the quarter, compared to the consensus estimate of $249.64 million. On average, research analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, December 29th. Independent Bank’s dividend payout ratio (DPR) is 53.03%.

Insider Activity at Independent Bank

In other news, Director John J. Morrissey sold 1,988 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $85.70, for a total transaction of $170,371.60. Following the completion of the transaction, the director directly owned 12,747 shares in the company, valued at approximately $1,092,417.90. This represents a 13.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 sale, the director owned 13,247 shares of the company’s stock, valued at approximately $1,125,995. This trade represents a 3.81% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.81% of the stock is owned by insiders.

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.