Teacher Retirement System of Texas Reduces Position in Independent Bank Corp. (NASDAQ:INDB)

Teacher Retirement System of Texas cut its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 61.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,227 shares of the bank’s stock after selling 19,371 shares during the period. Teacher Retirement System of Texas’ holdings in Independent Bank were worth $766,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of INDB. Charles Schwab Investment Management Inc. boosted its position in shares of Independent Bank by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank’s stock valued at $34,980,000 after buying an additional 21,289 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Independent Bank in the fourth quarter worth about $1,515,000. Raymond James Financial Inc. purchased a new position in Independent Bank in the fourth quarter worth about $1,646,000. Amundi boosted its position in Independent Bank by 186.4% in the fourth quarter. Amundi now owns 21,419 shares of the bank’s stock worth $1,335,000 after purchasing an additional 13,940 shares during the last quarter. Finally, HighTower Advisors LLC boosted its position in Independent Bank by 4.1% in the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank’s stock worth $438,000 after purchasing an additional 267 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Stock Up 1.6%

INDB stock opened at $67.04 on Tuesday. Independent Bank Corp. has a twelve month low of $52.15 and a twelve month high of $77.23. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.28. The stock has a market cap of $2.86 billion, a P/E ratio of 15.10 and a beta of 0.84. The business’s 50-day moving average price is $63.38 and its 200-day moving average price is $63.33.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.12). The business had revenue of $178.04 million for the quarter, compared to the consensus estimate of $175.03 million. Independent Bank had a net margin of 19.12% and a return on equity of 6.41%. On average, equities research analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank’s dividend payout ratio (DPR) is presently 53.15%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on INDB shares. Keefe, Bruyette & Woods dropped their target price on Independent Bank from $80.00 to $72.00 and set a “market perform” rating on the stock in a research report on Monday, April 21st. Wall Street Zen cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Saturday, April 26th. Finally, Piper Sandler dropped their target price on Independent Bank from $74.00 to $63.00 and set a “neutral” rating on the stock in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $71.00.

Independent Bank Company Profile

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.