The Manufacturers Life Insurance Company Buys New Shares in Independent Bank Corp. $INDB

The Manufacturers Life Insurance Company bought a new position in shares of Independent Bank Corp. (NASDAQ:INDB) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 326,056 shares of the bank’s stock, valued at approximately $27,297,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ballast Advisors LLC acquired a new stake in Independent Bank in the first quarter valued at $30,000. Advisory Services Network LLC acquired a new position in shares of Independent Bank during the 3rd quarter worth about $32,000. EverSource Wealth Advisors LLC increased its stake in shares of Independent Bank by 233.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock worth $35,000 after purchasing an additional 385 shares during the last quarter. Danske Bank A S bought a new stake in shares of Independent Bank in the 3rd quarter valued at about $42,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Independent Bank in the 4th quarter valued at about $48,000. 83.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Transactions at Independent Bank

In other Independent Bank news, Director Gerard F. Nadeau sold 5,307 shares of the firm’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the transaction, the director directly owned 16,907 shares of the company’s stock, valued at $1,431,853.83. This trade represents a 23.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas R. Venables sold 3,750 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total transaction of $311,250.00. Following the transaction, the director owned 17,649 shares of the company’s stock, valued at approximately $1,464,867. This represents a 17.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by insiders.

Independent Bank Stock Performance

NASDAQ INDB opened at $82.42 on Friday. The firm has a 50-day moving average of $84.31 and a 200-day moving average of $80.66. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market cap of $3.90 billion, a PE ratio of 14.88 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.

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

Independent Bank Dividend Announcement

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

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.