NFJ Investment Group LLC Acquires Shares of 421,384 Independent Bank Corp. $INDB

NFJ Investment Group LLC acquired a new position in shares of Independent Bank Corp. (NASDAQ:INDB) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 421,384 shares of the bank’s stock, valued at approximately $35,278,000. Independent Bank accounts for about 1.2% of NFJ Investment Group LLC’s portfolio, making the stock its 27th biggest position.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Royal Bank of Canada raised its stake in shares of Independent Bank by 10.6% during the first quarter. Royal Bank of Canada now owns 12,451 shares of the bank’s stock worth $779,000 after purchasing an additional 1,189 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Independent Bank by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank’s stock valued at $1,583,000 after buying an additional 1,112 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Independent Bank by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock valued at $37,584,000 after buying an additional 11,714 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Independent Bank by 8.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank’s stock valued at $6,623,000 after buying an additional 8,435 shares during the last quarter. Finally, Jane Street Group LLC increased its stake in Independent Bank by 1,222.7% in the 1st quarter. Jane Street Group LLC now owns 74,057 shares of the bank’s stock valued at $4,640,000 after buying an additional 68,458 shares during the period. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

INDB has been the subject of a number of analyst reports. Hovde Group assumed coverage on shares of Independent Bank in a research report on Friday, May 15th. They set an “outperform” rating and a $95.00 price objective for the company. Piper Sandler lifted their target price 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. Independent Research set a $95.00 price target on shares of Independent Bank in a research note on Friday, May 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a report on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $91.86.

Insiders Place Their Bets

In other Independent Bank news, 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 transaction of $449,449.83. Following the completion of the transaction, the director owned 16,907 shares of the company’s stock, valued at approximately $1,431,853.83. This trade represents a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.60% of the company’s stock.

Independent Bank Stock Up 0.2%

Shares of NASDAQ INDB opened at $83.51 on Friday. The firm’s 50-day moving average is $84.19 and its two-hundred day moving average is $80.71. The company has a market capitalization of $3.96 billion, a PE ratio of 15.07 and a beta of 0.78. Independent Bank Corp. has a 12-month low of $63.33 and a 12-month high of $87.50. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94.

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

Independent Bank Announces Dividend

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

About Independent Bank

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.