Basswood Capital Management L.L.C. Has $24.08 Million Stock Position in Independent Bank Corp. $INDB

Basswood Capital Management L.L.C. raised its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 3.5% in the 4th quarter, Holdings Channel reports. The firm owned 329,495 shares of the bank’s stock after acquiring an additional 11,199 shares during the period. Basswood Capital Management L.L.C.’s holdings in Independent Bank were worth $24,079,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Salomon & Ludwin LLC increased its holdings in shares of Independent Bank by 167.2% during the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after buying an additional 224 shares in the last quarter. Advisory Services Network LLC acquired a new position in shares of Independent Bank during the third quarter worth $32,000. EverSource Wealth Advisors LLC increased its holdings 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 worth $35,000 after buying an additional 385 shares in the last quarter. Danske Bank A S acquired a new position in shares of Independent Bank during the third quarter worth $42,000. Finally, First Horizon Corp increased its holdings in shares of Independent Bank by 47.8% during the fourth quarter. First Horizon Corp now owns 659 shares of the bank’s stock worth $48,000 after buying an additional 213 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $83.27 on Friday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a twelve month low of $57.01 and a twelve month high of $87.00. The stock has a market cap of $4.02 billion, a price-to-earnings ratio of 16.52 and a beta of 0.77. The company’s fifty day moving average is $78.62 and its 200 day moving average is $77.75.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing the consensus estimate of $1.70 by ($0.02). Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.The business had revenue of $252.72 million during the quarter, compared to the consensus estimate of $251.45 million. During the same period in the prior year, the firm earned $1.06 EPS. Sell-side analysts forecast that Independent Bank Corp. will post 7.33 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 9th. Investors of record on Monday, March 30th were paid a $0.64 dividend. This is a positive change from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, March 30th. Independent Bank’s payout ratio is presently 50.79%.

Insider Buying and Selling at Independent Bank

In related news, Director Joseph C. Lerner sold 2,832 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $77.31, for a total value of $218,941.92. Following the sale, the director owned 16,215 shares of the company’s stock, valued at $1,253,581.65. The trade was a 14.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Stephens assumed coverage on shares of Independent Bank in a report on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price target for the company. 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 price target for the company. Barclays upped their price target on shares of Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a report on Tuesday, April 7th. Piper Sandler assumed coverage on shares of Independent Bank in a report on Monday, March 16th. They set a “neutral” rating and a $84.00 price target for the company. Finally, Independent Research set a $95.00 price target on shares of Independent Bank in a report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $90.71.

Independent Bank Company 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.