Rockland Trust Co. Cuts Position in Independent Bank Corp. $INDB

Rockland Trust Co. reduced its stake in Independent Bank Corp. (NASDAQ:INDB) by 2.9% in the second quarter, Holdings Channel.com reports. The institutional investor owned 1,427,951 shares of the bank’s stock after selling 42,487 shares during the period. Independent Bank comprises 4.7% of Rockland Trust Co.’s holdings, making the stock its 2nd largest position. Rockland Trust Co.’s holdings in Independent Bank were worth $119,548,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Salomon & Ludwin LLC grew its holdings in shares of Independent Bank by 167.2% during the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after acquiring an additional 224 shares during the period. Ballast Advisors LLC purchased a new position in shares of Independent Bank in the 1st quarter valued at approximately $30,000. Advisory Services Network LLC purchased a new position in shares of Independent Bank in the 3rd quarter valued at approximately $32,000. EverSource Wealth Advisors LLC boosted its position 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 purchasing an additional 385 shares in the last quarter. Finally, Danske Bank A S bought a new stake in shares of Independent Bank during the third quarter valued at approximately $42,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Gerard F. Nadeau sold 5,307 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total transaction of $449,449.83. Following the completion of the sale, the director owned 16,907 shares of the company’s stock, valued at $1,431,853.83. This trade represents a 23.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph C. Lerner sold 2,832 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the transaction, the director owned 16,215 shares of the company’s stock, valued at approximately $1,253,581.65. The trade was a 14.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is currently owned by insiders.

Independent Bank Stock Down 0.3%

Shares of NASDAQ:INDB opened at $83.73 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.14. The stock has a fifty day simple moving average of $83.22 and a two-hundred day simple moving average of $80.32. Independent Bank Corp. has a 12-month low of $62.90 and a 12-month high of $87.50. The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of 15.11 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.09). The company had revenue of $253.32 million for the quarter, compared to the consensus estimate of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. On average, research analysts anticipate that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Monday, June 29th were paid a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, June 29th. Independent Bank’s dividend payout ratio (DPR) is currently 46.21%.

Analysts Set New Price Targets

A number of research firms have issued reports on INDB. Raymond James Financial reiterated a “strong-buy” rating and issued a $97.00 price objective on shares of Independent Bank in a report on Friday, April 17th. Hovde Group assumed coverage on shares of Independent Bank in a report on Friday, May 15th. They set an “outperform” rating and a $95.00 target price on the stock. Stephens started coverage on shares of Independent Bank in a research report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 target price on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Monday, July 20th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Independent Bank has a consensus rating of “Moderate Buy” and an average target price of $91.86.

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.