100,522 Shares in Independent Bank Corp. $INDB Bought by Cibc World Market Inc.

Cibc World Market Inc. acquired a new stake in Independent Bank Corp. (NASDAQ:INDB) during the second quarter, according to its most recent filing with the SEC. The firm acquired 100,522 shares of the bank’s stock, valued at approximately $8,416,000. Cibc World Market Inc. owned about 0.21% of Independent Bank at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Xponance LLC boosted its holdings in shares of Independent Bank by 3.6% in the fourth quarter. Xponance LLC now owns 3,981 shares of the bank’s stock valued at $291,000 after acquiring an additional 140 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Independent Bank by 26.1% during 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 position 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 purchasing an additional 161 shares during the period. Osaic Holdings Inc. boosted its holdings in Independent Bank by 23.3% in the 2nd quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock valued at $70,000 after purchasing an additional 211 shares in the last quarter. Finally, California State Teachers Retirement System boosted its holdings in Independent Bank by 0.6% in the 2nd quarter. California State Teachers Retirement System now owns 39,289 shares of the bank’s stock valued at $2,471,000 after purchasing an additional 224 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Independent Bank

In related news, Director Gerard F. Nadeau sold 5,307 shares of the company’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 transaction, the director owned 16,907 shares of the company’s stock, valued at approximately $1,431,853.83. This represents a 23.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Independent Bank Stock Down 0.3%

INDB opened at $83.19 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20. The firm has a market cap of $3.94 billion, a P/E ratio of 15.02 and a beta of 0.78. Independent Bank Corp. has a 52 week low of $63.33 and a 52 week high of $87.50. The business’s fifty day simple moving average is $84.25 and its 200 day simple moving average is $80.70.

Independent Bank (NASDAQ:INDB) last announced its 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 firm had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. As a group, equities research analysts anticipate that Independent Bank Corp. will post 7.11 EPS for the current fiscal year.

Independent Bank Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on INDB. Hovde Group started coverage on Independent Bank in a research note on Friday, May 15th. They issued an “outperform” rating and a $95.00 price target on the stock. Piper Sandler increased their price objective on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods reduced their target price on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Monday, July 20th. Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research report on Wednesday, August 5th. Finally, Independent Research set a $95.00 price target on shares of Independent Bank in a report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Independent Bank currently has a consensus rating of “Moderate Buy” and an average target price of $91.86.

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.