SG Americas Securities LLC Acquires New Position in Independent Bank Corp. $INDB

SG Americas Securities LLC acquired a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 236,333 shares of the bank’s stock, valued at approximately $17,271,000.

A number of other large investors also recently bought and sold shares of INDB. Wealth Enhancement Advisory Services LLC grew its position in shares of Independent Bank by 0.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,246 shares of the bank’s stock worth $1,821,000 after acquiring an additional 177 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Independent Bank by 4.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 242,832 shares of the bank’s stock valued at $16,797,000 after acquiring an additional 10,393 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new stake in shares of Independent Bank during the 3rd quarter valued at approximately $360,000. Captrust Financial Advisors lifted its stake in Independent Bank by 97.7% during the third quarter. Captrust Financial Advisors now owns 34,977 shares of the bank’s stock worth $2,419,000 after purchasing an additional 17,286 shares during the last quarter. Finally, Danske Bank A S acquired a new position in Independent Bank in the third quarter worth $42,000. Institutional investors own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on INDB. Independent Research set a $80.00 target price on shares of Independent Bank in a research note on Wednesday, December 17th. Piper Sandler assumed coverage on shares of Independent Bank in a research report on Monday, March 16th. They issued a “neutral” rating and a $84.00 price target on the stock. Barclays lowered shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target for the company. in a report on Monday, February 2nd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research report on Thursday, January 22nd. 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. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $81.75.

Independent Bank Trading Down 1.8%

Shares of NASDAQ INDB opened at $73.73 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 market cap of $3.61 billion, a price-to-earnings ratio of 16.57 and a beta of 0.79. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock’s 50 day simple moving average is $79.35 and its 200 day simple moving average is $74.22.

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

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 9th. Stockholders of record on Monday, March 30th will be given a dividend of $0.64 per share. This is an increase from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Monday, March 30th. Independent Bank’s payout ratio is currently 53.03%.

Insider Transactions at Independent Bank

In related news, Director Donna L. Abelli sold 524 shares of the stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total value of $44,540.00. Following the sale, the director owned 13,247 shares of the company’s stock, valued at $1,125,995. This trade represents a 3.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John J. Morrissey sold 1,988 shares of Independent Bank stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $85.70, for a total transaction of $170,371.60. Following the completion of the sale, the director owned 12,747 shares in the company, valued at approximately $1,092,417.90. This represents a 13.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.81% of the stock is owned by company 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.