Reinhart Partners LLC. Has $45.53 Million Stock Holdings in Independent Bank Corp. $INDB

Reinhart Partners LLC. grew its holdings in Independent Bank Corp. (NASDAQ:INDB) by 15.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 622,957 shares of the bank’s stock after purchasing an additional 81,543 shares during the quarter. Reinhart Partners LLC. owned about 1.26% of Independent Bank worth $45,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Salomon & Ludwin LLC lifted its stake in shares of Independent Bank by 167.2% in the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock valued at $27,000 after purchasing an additional 224 shares during the period. Advisory Services Network LLC bought a new stake in Independent Bank in the 3rd quarter valued at about $32,000. EverSource Wealth Advisors LLC increased its position in Independent Bank by 233.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after buying an additional 385 shares in the last quarter. Danske Bank A S bought a new stake in Independent Bank in the 3rd quarter valued at about $42,000. Finally, First Horizon Corp increased its position in Independent Bank by 47.8% in the 4th quarter. First Horizon Corp now owns 659 shares of the bank’s stock valued at $48,000 after buying an additional 213 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

INDB has been the subject of a number of research analyst reports. Piper Sandler initiated coverage on Independent Bank in a research report on Monday, March 16th. They issued a “neutral” rating and a $84.00 target price for the company. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $97.00 target price on shares of Independent Bank in a research report on Friday, April 17th. Keefe, Bruyette & Woods decreased their target price on Independent Bank from $96.00 to $94.00 and set an “outperform” rating for the company in a research report on Monday, April 20th. Barclays boosted their target price on Independent Bank from $80.00 to $82.00 and gave the company an “underweight” rating in a research report on Tuesday, April 7th. Finally, Independent Research set a $95.00 price objective on Independent Bank in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $90.71.

Independent Bank Stock Performance

Shares of INDB opened at $79.12 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a 50 day moving average price of $77.68 and a two-hundred day moving average price of $77.06. The firm has a market capitalization of $3.82 billion, a P/E ratio of 15.70 and a beta of 0.77. Independent Bank Corp. has a 52 week low of $57.01 and a 52 week high of $87.00.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.02). The business had revenue of $252.72 million during the quarter, compared to the consensus estimate of $251.45 million. Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. During the same period in the prior year, the company earned $1.06 earnings per share. Equities analysts forecast that Independent Bank Corp. will post 7.33 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 9th. Stockholders of record on Monday, March 30th were issued a $0.64 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.59. This represents a $2.56 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, March 30th. Independent Bank’s dividend payout ratio is currently 50.79%.

Insider Activity

In other news, Director Joseph C. Lerner sold 2,832 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $77.31, for a total value of $218,941.92. Following the completion of the transaction, the director directly owned 16,215 shares of the company’s stock, valued at $1,253,581.65. This represents a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.60% of the stock is currently owned by corporate insiders.

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.