Independent Bank Corp. $INDB Shares Acquired by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. increased its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 32.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 40,950 shares of the bank’s stock after buying an additional 9,966 shares during the period. Envestnet Asset Management Inc. owned about 0.08% of Independent Bank worth $2,832,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its position in shares of Independent Bank by 1.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock valued at $680,000 after purchasing an additional 162 shares during the last quarter. Osaic Holdings Inc. increased its holdings in Independent Bank by 23.3% in the second quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock valued at $70,000 after buying an additional 211 shares during the last quarter. California State Teachers Retirement System increased its holdings in Independent Bank by 0.6% in the second quarter. California State Teachers Retirement System now owns 39,289 shares of the bank’s stock valued at $2,471,000 after buying an additional 224 shares during the last quarter. Tidal Investments LLC raised its stake in Independent Bank by 5.3% in the second quarter. Tidal Investments LLC now owns 4,979 shares of the bank’s stock valued at $313,000 after buying an additional 251 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its holdings in Independent Bank by 3.6% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 8,142 shares of the bank’s stock worth $564,000 after buying an additional 280 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Insider Activity

In other Independent Bank news, Director John J. Morrissey sold 1,988 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $85.70, for a total transaction of $170,371.60. Following the completion of the sale, the director directly owned 12,747 shares of the company’s stock, valued at $1,092,417.90. This represents a 13.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas R. Venables sold 405 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was 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. The trade was a 1.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 2,917 shares of company stock valued at $244,853. Insiders own 0.81% of the company’s stock.

Independent Bank Trading Up 1.6%

INDB opened at $81.73 on Thursday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a 52 week low of $52.15 and a 52 week high of $87.00. The business’s 50 day moving average is $78.86 and its two-hundred day moving average is $73.18. The firm has a market cap of $4.05 billion, a price-to-earnings ratio of 18.37 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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.05. The business had revenue of $253.93 million for the quarter, compared to analyst estimates of $249.64 million. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. On average, research analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Dividend Announcement

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

Wall Street Analyst Weigh In

INDB has been the topic of a number of recent analyst reports. Barclays downgraded Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price objective on the stock. in a report on Monday, February 2nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Finally, Independent Research set a $80.00 price objective on shares of Independent Bank in a research report on Wednesday, December 17th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Independent Bank has an average rating of “Hold” and an average price target 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.