California State Teachers Retirement System Purchases 8,837 Shares of Independent Bank Corp. $INDB

California State Teachers Retirement System boosted its position in Independent Bank Corp. (NASDAQ:INDB) by 18.5% in the 1st quarter, Holdings Channel reports. The institutional investor owned 56,613 shares of the bank’s stock after purchasing an additional 8,837 shares during the period. California State Teachers Retirement System’s holdings in Independent Bank were worth $4,258,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank bought a new stake in Independent Bank in the fourth quarter worth $46,117,000. Alliancebernstein L.P. increased its holdings in shares of Independent Bank by 57.9% in the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after buying an additional 624,833 shares during the period. Citadel Advisors LLC lifted its stake in shares of Independent Bank by 473.0% in the 3rd quarter. Citadel Advisors LLC now owns 349,635 shares of the bank’s stock valued at $24,184,000 after acquiring an additional 288,613 shares during the last quarter. Azora Capital LP bought a new stake in shares of Independent Bank in the 4th quarter valued at about $16,212,000. Finally, Basswood Capital Management L.L.C. boosted its holdings in Independent Bank by 126.5% during the 2nd quarter. Basswood Capital Management L.L.C. now owns 317,305 shares of the bank’s stock valued at $19,954,000 after acquiring an additional 177,243 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Independent Bank

In other news, Director Joseph C. Lerner sold 2,832 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the transaction, the director directly owned 16,215 shares of the company’s stock, valued at $1,253,581.65. This represents a 14.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gerard F. Nadeau sold 5,307 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the transaction, the director owned 16,907 shares in the company, valued at approximately $1,431,853.83. This trade represents a 23.89% 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 corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Piper Sandler upped their price target on shares of 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 restated a “strong-buy” rating and issued a $97.00 price objective on shares of Independent Bank in a research report on Friday, April 17th. Stephens initiated coverage on shares of Independent Bank in a research note on Wednesday, April 15th. They set an “overweight” rating and a $88.00 price objective for the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a report on Wednesday. Finally, Independent Research set a $95.00 target price on Independent Bank in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Independent Bank presently has an average rating of “Moderate Buy” and a consensus target price of $91.86.

Independent Bank Stock Performance

Shares of NASDAQ INDB opened at $83.73 on Friday. The firm’s 50-day moving average price is $83.22 and its 200-day moving average price is $80.32. Independent Bank Corp. has a 52-week low of $62.90 and a 52-week high of $87.50. The company has a market cap of $4.05 billion, a PE ratio of 15.11 and a beta of 0.78. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.14.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data 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 company had revenue of $253.32 million for 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%. As a group, analysts anticipate that Independent Bank Corp. will post 7.11 EPS for the current year.

Independent Bank Dividend Announcement

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

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.