Independent Bank Corp. $INDB Stock Holdings Lessened by Deprince Race & Zollo Inc.

Deprince Race & Zollo Inc. lessened its stake in Independent Bank Corp. (NASDAQ:INDB) by 0.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,032,540 shares of the bank’s stock after selling 7,420 shares during the quarter. Independent Bank makes up about 1.4% of Deprince Race & Zollo Inc.’s portfolio, making the stock its 10th biggest holding. Deprince Race & Zollo Inc. owned 2.07% of Independent Bank worth $71,421,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its position in shares of Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after purchasing an additional 385 shares during the period. Private Trust Co. NA raised its position in shares of Independent Bank by 296.8% during the 2nd quarter. Private Trust Co. NA now owns 619 shares of the bank’s stock worth $39,000 after purchasing an additional 463 shares during the last quarter. Bessemer Group Inc. lifted its stake in Independent Bank by 95.1% in the 2nd quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after buying an additional 311 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Independent Bank by 100.8% in the 3rd quarter. GAMMA Investing LLC now owns 755 shares of the bank’s stock worth $52,000 after buying an additional 379 shares during the last quarter. Finally, LRI Investments LLC purchased a new stake in Independent Bank during the 2nd quarter worth approximately $59,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Thomas R. Venables sold 405 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $73.93, for a total transaction of $29,941.65. Following the completion of the sale, the director owned 20,557 shares in the company, valued at $1,519,779.01. This trade represents a 1.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gerard F. Nadeau sold 3,000 shares of Independent Bank stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $70.00, for a total transaction of $210,000.00. Following the sale, the director directly owned 22,395 shares in the company, valued at approximately $1,567,650. The trade was a 11.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 200,405 shares of company stock valued at $13,971,482 over the last ninety days. Company insiders own 0.81% of the company’s stock.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $75.68 on Friday. The business’s 50 day moving average price is $71.72 and its 200 day moving average price is $68.82. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 18.41 and a beta of 0.81. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.95. Independent Bank Corp. has a one year low of $52.15 and a one year high of $78.17.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share (EPS) for the quarter. Independent Bank had a return on equity of 7.19% and a net margin of 16.64%.The business had revenue of $175.25 million during the quarter. On average, research analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, December 29th. This represents a $2.36 dividend on an annualized basis and a yield of 3.1%. Independent Bank’s payout ratio is 57.42%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on INDB shares. Keefe, Bruyette & Woods upgraded Independent Bank from a “market perform” rating to an “outperform” rating and raised their target price for the company from $80.00 to $83.00 in a research report on Tuesday, October 21st. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. Independent Research set a $80.00 target price on shares of Independent Bank in a research note on Wednesday, December 17th. Finally, Barclays assumed coverage on shares of Independent Bank in a report on Wednesday, December 17th. They set an “equal weight” rating and a $80.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.80.

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.