Strs Ohio Has $111,000 Stake in Independent Bank Corp. $INDB

Strs Ohio reduced its stake in Independent Bank Corp. (NASDAQ:INDB) by 82.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,600 shares of the bank’s stock after selling 7,700 shares during the period. Strs Ohio’s holdings in Independent Bank were worth $111,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Nisa Investment Advisors LLC grew its stake in shares of Independent Bank by 1.5% during the second quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock worth $680,000 after buying an additional 162 shares during the last quarter. Osaic Holdings Inc. lifted its stake in shares of Independent Bank by 23.3% in the 2nd quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock valued at $70,000 after acquiring an additional 211 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Independent Bank by 2.9% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock valued at $495,000 after acquiring an additional 218 shares in the last quarter. California State Teachers Retirement System grew its position in Independent Bank by 0.6% during the 2nd quarter. California State Teachers Retirement System now owns 39,289 shares of the bank’s stock worth $2,471,000 after acquiring an additional 224 shares during the last quarter. Finally, Tidal Investments LLC increased its holdings in Independent Bank by 5.3% in the 2nd quarter. Tidal Investments LLC now owns 4,979 shares of the bank’s stock worth $313,000 after purchasing an additional 251 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Independent Bank news, Director Ken S. Ansin sold 53,000 shares of Independent Bank stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $69.06, for a total value of $3,660,180.00. Following the completion of the sale, the director directly owned 53,738 shares in the company, valued at approximately $3,711,146.28. The trade was a 49.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas R. Venables sold 405 shares of the business’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 value of $29,941.65. Following the completion of the transaction, the director directly 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 sold 200,405 shares of company stock valued at $13,971,482 over the last 90 days. Company insiders own 0.81% of the company’s stock.

Independent Bank Stock Up 0.8%

Shares of NASDAQ INDB opened at $85.22 on Thursday. The company’s 50 day moving average price is $76.35 and its 200-day moving average price is $71.29. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $86.56. The company has a market capitalization of $4.23 billion, a P/E ratio of 19.15 and a beta of 0.80.

Independent Bank (NASDAQ:INDB) last announced its 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. The business had revenue of $253.93 million during the quarter, compared to the consensus estimate of $249.64 million. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. Equities analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 7th. Investors of record on Monday, December 29th were given a dividend of $0.59 per share. The ex-dividend date was Monday, December 29th. This represents a $2.36 annualized dividend and a dividend yield of 2.8%. Independent Bank’s dividend payout ratio is presently 53.03%.

Analysts Set New Price Targets

A number of analysts have recently commented on INDB shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $80.00 to $83.00 in a report on Tuesday, October 21st. Barclays cut shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target for the company. in a research report on Monday. Finally, Independent Research set a $80.00 price target on shares of Independent Bank in a report on Wednesday, December 17th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell 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 Company 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.