Reinhart Partners LLC. Grows Stake in Independent Bank Corp. $INDB

Reinhart Partners LLC. boosted its stake in Independent Bank Corp. (NASDAQ:INDB) by 1.3% during the second quarter, HoldingsChannel reports. The institutional investor owned 657,871 shares of the bank’s stock after buying an additional 8,575 shares during the quarter. Reinhart Partners LLC.’s holdings in Independent Bank were worth $55,078,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Salomon & Ludwin LLC increased its stake in 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 buying an additional 224 shares in the last quarter. Ballast Advisors LLC purchased a new position in shares of Independent Bank in the first quarter valued at approximately $30,000. Advisory Services Network LLC acquired a new stake in shares of Independent Bank in the third quarter worth approximately $32,000. EverSource Wealth Advisors LLC increased 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 worth $35,000 after purchasing an additional 385 shares in the last quarter. Finally, Danske Bank A S purchased a new stake in shares of Independent Bank during the third quarter worth approximately $42,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Independent Bank

In related news, Director Joseph C. Lerner sold 2,832 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the sale, the director directly owned 16,215 shares in the company, valued at approximately $1,253,581.65. This trade represents a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gerard F. Nadeau sold 5,307 shares of Independent Bank stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $84.69, for a total transaction of $449,449.83. Following the transaction, the director directly owned 16,907 shares in the company, valued at $1,431,853.83. This trade represents a 23.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

INDB has been the topic of a number of research reports. Piper Sandler raised their price objective on Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $97.00 target price on shares of Independent Bank in a report on Friday, April 17th. Stephens initiated coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price target on the stock. Hovde Group began coverage on shares of Independent Bank in a research report on Friday, May 15th. They set an “outperform” rating and a $95.00 price target on the stock. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Independent Bank in a research note 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.86.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $83.73 on Friday. Independent Bank Corp. has a one year low of $62.90 and a one year high of $87.50. The company has a market cap of $4.05 billion, a price-to-earnings ratio of 15.11 and a beta of 0.78. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.93 and a current ratio of 0.93. The business’s 50 day moving average price is $83.22 and its 200 day moving average price is $80.32.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.79 by ($0.09). The company had revenue of $253.32 million during the quarter, compared to analysts’ expectations 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 predict that Independent Bank Corp. will post 7.11 EPS for the current year.

Independent Bank Dividend Announcement

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