Hsbc Holdings PLC Takes Position in Independent Bank Corp. $INDB

Hsbc Holdings PLC purchased a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 83,191 shares of the bank’s stock, valued at approximately $6,958,000. Hsbc Holdings PLC owned approximately 0.18% of Independent Bank as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Independent Bank in the 2nd quarter valued at $584,333,000. Geode Capital Management LLC lifted its stake in shares of Independent Bank by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock valued at $90,082,000 after acquiring an additional 20,278 shares during the period. Norges Bank acquired a new position in shares of Independent Bank during the fourth quarter valued at $46,117,000. Fifth Third Bancorp boosted its holdings in Independent Bank by 4,172.0% in the first quarter. Fifth Third Bancorp now owns 12,816 shares of the bank’s stock valued at $964,000 after acquiring an additional 12,516 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Independent Bank by 16.6% in the first quarter. Bank of America Corp DE now owns 592,665 shares of the bank’s stock valued at $44,574,000 after acquiring an additional 84,282 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Gerard F. Nadeau sold 5,307 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the sale, the director directly 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. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Thomas R. Venables sold 3,750 shares of Independent Bank stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total transaction of $311,250.00. Following the transaction, the director directly owned 17,649 shares in the company, valued at approximately $1,464,867. This represents a 17.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

INDB has been the topic of a number of research reports. 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 target price on the stock. Independent Research set a $95.00 price target on shares of Independent Bank in a research note on Friday, May 15th. Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a report on Wednesday, August 5th. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Monday, July 20th. Finally, Piper Sandler lifted their target price on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. One research 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $91.86.

Independent Bank Price Performance

Independent Bank stock opened at $82.06 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $3.89 billion, a P/E ratio of 14.81 and a beta of 0.78. The business has a 50-day moving average of $84.33 and a 200-day moving average of $80.67. Independent Bank Corp. has a 1 year low of $63.33 and a 1 year high of $87.50.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results 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 net margin of 20.31% and a return on equity of 9.19%. The firm had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. On average, equities analysts anticipate that Independent Bank Corp. will post 7.11 EPS for the current year.

Independent Bank Dividend Announcement

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