Great Lakes Advisors LLC Decreases Stock Holdings in Independent Bank Corp. $INDB

Great Lakes Advisors LLC reduced its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 50.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,022 shares of the bank’s stock after selling 42,019 shares during the quarter. Great Lakes Advisors LLC owned approximately 0.08% of Independent Bank worth $2,907,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of Independent Bank by 10.6% during the 1st quarter. Royal Bank of Canada now owns 12,451 shares of the bank’s stock worth $779,000 after purchasing an additional 1,189 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Independent Bank by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,274 shares of the bank’s stock worth $1,583,000 after acquiring an additional 1,112 shares during the period. Goldman Sachs Group Inc. boosted its stake in Independent Bank by 2.0% in the first quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank’s stock valued at $37,584,000 after acquiring an additional 11,714 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Independent Bank by 8.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 105,719 shares of the bank’s stock valued at $6,623,000 after acquiring an additional 8,435 shares during the period. Finally, Jane Street Group LLC increased its stake in shares of Independent Bank by 1,222.7% during the 1st quarter. Jane Street Group LLC now owns 74,057 shares of the bank’s stock worth $4,640,000 after purchasing an additional 68,458 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Insiders Place Their Bets

In other news, Director Gerard F. Nadeau sold 3,000 shares of the company’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $70.00, for a total value of $210,000.00. Following the transaction, the director owned 22,395 shares of the company’s stock, valued at approximately $1,567,650. This represents a 11.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Thomas R. Venables sold 405 shares of Independent Bank stock in a transaction on Friday, December 5th. The shares were sold at an average price of $73.93, for a total value of $29,941.65. Following the sale, the director directly owned 20,557 shares of the company’s stock, valued at $1,519,779.01. This represents a 1.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 200,405 shares of company stock worth $13,971,482 in the last three months. 0.81% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on INDB. Barclays initiated coverage on shares of Independent Bank in a report on Wednesday, December 17th. They issued an “equal weight” rating and a $80.00 price target on the stock. Keefe, Bruyette & Woods raised Independent Bank from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $80.00 to $83.00 in a research report on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research report on Thursday, January 22nd. Finally, Independent Research set a $80.00 price objective on Independent Bank in a report on Wednesday, December 17th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $76.50.

Independent Bank Price Performance

Independent Bank stock opened at $80.78 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank Corp. has a one year low of $52.15 and a one year high of $81.47. The firm has a market capitalization of $4.01 billion, a P/E ratio of 18.15 and a beta of 0.79. The business has a fifty day moving average price of $75.66 and a 200-day moving average price of $70.93.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, topping the consensus estimate of $1.65 by $0.05. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%.The business had revenue of $253.93 million during the quarter, compared to the consensus estimate of $249.64 million. As a group, equities research analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Monday, December 29th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 29th. This represents a $2.36 annualized dividend and a yield of 2.9%. Independent Bank’s payout ratio is currently 53.03%.

About Independent Bank

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.