Citigroup Inc. Has $4.29 Million Stock Position in Independent Bank Corp. $INDB

Citigroup Inc. lessened its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 26.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 62,068 shares of the bank’s stock after selling 22,429 shares during the period. Citigroup Inc. owned about 0.13% of Independent Bank worth $4,293,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Independent Bank by 14.9% in the third quarter. Vanguard Group Inc. now owns 5,943,817 shares of the bank’s stock worth $411,134,000 after acquiring an additional 769,086 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Independent Bank by 57.9% in the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock worth $107,102,000 after purchasing an additional 624,833 shares during the period. Norges Bank acquired a new position in Independent Bank in the 2nd quarter worth approximately $31,053,000. First Trust Advisors LP grew its position in Independent Bank by 78.7% during the 2nd quarter. First Trust Advisors LP now owns 657,570 shares of the bank’s stock worth $41,351,000 after purchasing an additional 289,590 shares in the last quarter. Finally, Basswood Capital Management L.L.C. raised its stake in Independent Bank by 126.5% during the 2nd quarter. Basswood Capital Management L.L.C. now owns 317,305 shares of the bank’s stock valued at $19,954,000 after purchasing an additional 177,243 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Price Performance

INDB opened at $79.31 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a 1 year low of $52.15 and a 1 year high of $87.00. The stock has a fifty day moving average price of $79.18 and a 200 day moving average price of $73.64. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of 17.82 and a beta of 0.79.

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

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Shareholders of record on Monday, December 29th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Monday, December 29th. Independent Bank’s payout ratio is currently 53.03%.

Insider Transactions at Independent Bank

In related news, Director John J. Morrissey sold 1,988 shares of the company’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $85.70, for a total value of $170,371.60. Following the completion of the sale, the director directly owned 12,747 shares in the company, valued at approximately $1,092,417.90. This represents a 13.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Thomas R. Venables sold 405 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $73.93, for a total value of $29,941.65. Following the transaction, the director owned 20,557 shares in the company, valued at approximately $1,519,779.01. This trade represents a 1.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 2,917 shares of company stock worth $244,853 in the last 90 days. 0.81% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on INDB shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research report on Thursday, January 22nd. Independent Research set a $80.00 price objective on Independent Bank in a research note on Wednesday, December 17th. Finally, Barclays lowered Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price objective for the company. in a research report on Monday, February 2nd. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $76.50.

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.