UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 16,809 Shares of Independent Bank Corp. $INDB

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 16.3% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 86,411 shares of the bank’s stock after selling 16,809 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Independent Bank were worth $7,234,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of INDB. Hsbc Holdings PLC bought a new stake in shares of Independent Bank during the 2nd quarter worth approximately $6,958,000. Jefferies Financial Group Inc. acquired a new stake in shares of Independent Bank in the 2nd quarter valued at approximately $346,000. Public Employees Retirement System of Ohio bought a new position in shares of Independent Bank in the second quarter valued at $48,000. Corient Private Wealth LP bought a new position in shares of Independent Bank in the second quarter valued at $292,000. Finally, Bank of America Corp DE acquired a new position in Independent Bank during the second quarter worth $44,640,000. 83.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

INDB has been the topic of several 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 target on the stock. Piper Sandler boosted their price objective on shares of Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Independent Research set a $95.00 target price on shares of Independent Bank in a report on Friday, May 15th. Keefe, Bruyette & Woods cut their target price on shares of Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Monday, July 20th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Independent Bank in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $91.86.

Independent Bank Price Performance

INDB opened at $83.90 on Tuesday. The stock’s fifty day simple moving average is $84.16 and its 200 day simple moving average is $80.58. Independent Bank Corp. has a 1-year low of $63.33 and a 1-year high of $87.50. The stock has a market cap of $3.97 billion, a PE ratio of 15.14 and a beta of 0.76. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.20.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 EPS 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 company had revenue of $253.32 million for the quarter, compared to the consensus estimate of $257.50 million. As a group, research analysts expect that Independent Bank Corp. will post 7.11 earnings per share for the current year.

Independent Bank Dividend Announcement

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

Insider Activity

In related news, Director Gerard 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 transaction of $449,449.83. Following the completion of the sale, the director owned 16,907 shares of the company’s stock, valued at approximately $1,431,853.83. The trade was a 23.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Thomas R. Venables sold 3,750 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total transaction of $311,250.00. Following the completion of the transaction, the director owned 17,649 shares in the company, valued at approximately $1,464,867. This trade represents a 17.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.60% of the company’s stock.

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.