Sanctuary Advisors LLC Acquires New Shares in Independent Bank Corp. $INDB

Sanctuary Advisors LLC bought a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,070 shares of the bank’s stock, valued at approximately $843,000.

Several other hedge funds and other institutional investors have also bought and sold shares of INDB. BlackRock Inc. bought a new stake in Independent Bank in the 2nd quarter worth approximately $584,333,000. Alliancebernstein L.P. lifted its holdings in shares of Independent Bank by 57.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock valued at $107,102,000 after buying an additional 624,833 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Independent Bank by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank’s stock valued at $90,082,000 after buying an additional 20,278 shares during the period. Verition Fund Management LLC boosted its stake in shares of Independent Bank by 17.6% in the 3rd quarter. Verition Fund Management LLC now owns 946,006 shares of the bank’s stock worth $65,435,000 after buying an additional 141,888 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Independent Bank by 17.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 810,155 shares of the bank’s stock worth $59,206,000 after buying an additional 120,362 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Trading Down 0.4%

Shares of INDB stock opened at $82.06 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 14.81 and a beta of 0.78. Independent Bank Corp. has a 1 year low of $63.33 and a 1 year high of $87.50. The firm has a fifty day moving average price of $84.33 and a 200-day moving average price of $80.67.

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

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were paid a $0.64 dividend. 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 dividend payout ratio (DPR) is 46.21%.

Analyst Ratings Changes

INDB has been the subject of several research analyst reports. Hovde Group assumed coverage on Independent Bank in a report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price objective for the company. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a report on Wednesday, August 5th. Piper Sandler raised their target price on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Independent Research set a $95.00 price target on Independent Bank in a research note on Friday, May 15th. Finally, Keefe, Bruyette & Woods reduced 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 analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $91.86.

Insider Activity

In other news, Director Thomas R. Venables sold 3,750 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the transaction, the director owned 17,649 shares of the company’s stock, valued at $1,464,867. This trade represents a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gerard F. Nadeau sold 5,307 shares of Independent Bank stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the transaction, the director directly owned 16,907 shares in the company, valued at approximately $1,431,853.83. The trade was a 23.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.60% of the stock is owned by company insiders.

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.