Fifth Third Bancorp Buys 12,516 Shares of Independent Bank Corp. $INDB

Fifth Third Bancorp increased its stake in Independent Bank Corp. (NASDAQ:INDB) by 4,172.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,816 shares of the bank’s stock after buying an additional 12,516 shares during the quarter. Fifth Third Bancorp’s holdings in Independent Bank were worth $964,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in INDB. Norges Bank acquired a new position in Independent Bank during the fourth quarter worth $46,117,000. Alliancebernstein L.P. grew its position in shares of Independent Bank by 57.9% in the 2nd quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock valued at $107,102,000 after acquiring an additional 624,833 shares during the period. Rockland Trust Co. grew its position in shares of Independent Bank by 84.1% in the 4th quarter. Rockland Trust Co. now owns 1,261,622 shares of the bank’s stock valued at $92,199,000 after acquiring an additional 576,183 shares during the period. Citadel Advisors LLC increased its stake in shares of Independent Bank by 473.0% during the 3rd quarter. Citadel Advisors LLC now owns 349,635 shares of the bank’s stock worth $24,184,000 after purchasing an additional 288,613 shares during the last quarter. Finally, Azora Capital LP acquired a new position in shares of Independent Bank during the 4th quarter worth about $16,212,000. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Performance

NASDAQ INDB opened at $85.12 on Monday. The firm has a 50-day moving average of $82.00 and a 200-day moving average of $79.68. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $4.11 billion, a PE ratio of 15.36 and a beta of 0.77. Independent Bank Corp. has a 52-week low of $61.55 and a 52-week high of $87.50.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.09). Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.The company had revenue of $253.32 million for the quarter, compared to the consensus estimate of $257.50 million. On average, sell-side analysts anticipate that Independent Bank Corp. will post 7.15 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were issued a dividend of $0.64 per share. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, June 29th. Independent Bank’s payout ratio is currently 46.21%.

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 transaction, the director owned 16,215 shares of the company’s stock, valued at approximately $1,253,581.65. This represents a 14.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on INDB shares. Hovde Group initiated coverage on shares of Independent Bank in a research note on Friday, May 15th. They issued an “outperform” rating and a $95.00 target price for the company. Independent Research set a $95.00 price target on Independent Bank in a research report on Friday, May 15th. Piper Sandler upped their price objective on Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $97.00 price objective on shares of Independent Bank in a research report on Friday, April 17th. Finally, Stephens started coverage on Independent Bank in a research note on Wednesday, April 15th. They set an “overweight” rating and a $88.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Independent Bank has an average rating of “Moderate Buy” and an average target price of $91.86.

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.