Cibc World Market Inc. Acquires New Holdings in Independent Bank Corp. $INDB

Cibc World Market Inc. bought a new position in Independent Bank Corp. (NASDAQ:INDB) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 94,065 shares of the bank’s stock, valued at approximately $6,506,000. Cibc World Market Inc. owned approximately 0.19% of Independent Bank as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Alliancebernstein L.P. increased its holdings in shares of Independent Bank by 57.9% in the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank’s stock valued at $107,102,000 after purchasing an additional 624,833 shares during the period. Geode Capital Management LLC grew its holdings in Independent Bank by 0.7% during the second quarter. Geode Capital Management LLC now owns 1,049,086 shares of the bank’s stock worth $65,980,000 after acquiring an additional 6,889 shares during the period. First Trust Advisors LP raised its position in Independent Bank by 78.7% during the second quarter. First Trust Advisors LP now owns 657,570 shares of the bank’s stock valued at $41,351,000 after acquiring an additional 289,590 shares in the last quarter. FJ Capital Management LLC lifted its holdings in Independent Bank by 26.4% in the second quarter. FJ Capital Management LLC now owns 649,320 shares of the bank’s stock valued at $40,832,000 after acquiring an additional 135,751 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings 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 period. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and lifted their target price for the company 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 objective for the company. in a report on Monday, February 2nd. Independent Research set a $80.00 target price on shares of Independent Bank in a research note on Wednesday, December 17th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $76.50.

Independent Bank Trading Up 1.0%

INDB stock opened at $83.68 on Friday. The business’s 50-day moving average is $77.93 and its 200 day moving average is $72.15. Independent Bank Corp. has a 12-month low of $52.15 and a 12-month high of $87.00. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a market cap of $4.15 billion, a price-to-earnings ratio of 18.80 and a beta of 0.80.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, beating 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 firm had revenue of $253.93 million during the quarter, compared to the consensus estimate of $249.64 million. On average, sell-side analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

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

Insider Activity

In other Independent Bank news, Director John J. Morrissey sold 1,988 shares of the business’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $85.70, for a total value of $170,371.60. Following the completion of the transaction, the director directly owned 12,747 shares in the company, valued at approximately $1,092,417.90. The trade was a 13.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas R. Venables sold 405 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $73.93, for a total transaction of $29,941.65. Following the transaction, the director directly owned 20,557 shares of the company’s stock, valued at $1,519,779.01. This trade represents a 1.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,917 shares of company stock valued at $454,853 in the last 90 days. Company insiders own 0.81% of the company’s stock.

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.