Deutsche Bank AG Purchases Shares of 50,988 Independent Bank Corp. $INDB

Deutsche Bank AG acquired a new position in Independent Bank Corp. (NASDAQ:INDB) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 50,988 shares of the bank’s stock, valued at approximately $4,269,000.

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

Insiders Place Their Bets

In other Independent Bank news, Director Gerard F. Nadeau sold 5,307 shares of Independent Bank 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. The trade was a 23.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on INDB. Hovde Group began coverage on shares of Independent Bank in a report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price target on the stock. Independent Research set a $95.00 price objective on shares of Independent Bank in a report on Friday, May 15th. 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 research report on Friday, June 26th. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a research note on Wednesday, August 5th. Finally, Keefe, Bruyette & Woods dropped their price target 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 investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Independent Bank presently has an average rating of “Moderate Buy” and a consensus price target of $91.86.

Independent Bank Trading Down 0.3%

Shares of Independent Bank stock opened at $83.19 on Wednesday. Independent Bank Corp. has a 12-month low of $63.33 and a 12-month high of $87.50. The stock has a market capitalization of $3.94 billion, a P/E ratio of 15.02 and a beta of 0.78. The company has a 50-day simple moving average of $84.25 and a 200 day simple moving average of $80.70. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.20.

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 the consensus estimate of $1.79 by ($0.09). The firm had revenue of $253.32 million for the quarter, compared to the consensus estimate of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. Research analysts expect that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors 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 of this dividend was Monday, June 29th. Independent Bank’s dividend payout ratio (DPR) is currently 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.