79,002 Shares in Independent Bank Corp. $INDB Purchased by Foster Dykema Cabot & Partners LLC

Foster Dykema Cabot & Partners LLC bought a new stake in Independent Bank Corp. (NASDAQ:INDB) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 79,002 shares of the bank’s stock, valued at approximately $5,511,000. Foster Dykema Cabot & Partners LLC owned about 0.16% of Independent Bank at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in INDB. Orion Porfolio Solutions LLC lifted its holdings in Independent Bank by 33.5% in the third quarter. Orion Porfolio Solutions LLC now owns 7,075 shares of the bank’s stock valued at $489,000 after acquiring an additional 1,776 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Independent Bank by 10.6% in the third quarter. Dimensional Fund Advisors LP now owns 2,606,415 shares of the bank’s stock valued at $180,286,000 after purchasing an additional 250,651 shares during the period. Legato Capital Management LLC raised its position in Independent Bank by 19.7% in the third quarter. Legato Capital Management LLC now owns 34,223 shares of the bank’s stock valued at $2,367,000 after purchasing an additional 5,642 shares during the period. Siena Capital Partners GP LLC lifted its stake in shares of Independent Bank by 7.3% in the 3rd quarter. Siena Capital Partners GP LLC now owns 64,400 shares of the bank’s stock valued at $4,455,000 after purchasing an additional 4,400 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its position in shares of Independent Bank by 27.6% during the 3rd quarter. Rafferty Asset Management LLC now owns 61,946 shares of the bank’s stock worth $4,285,000 after purchasing an additional 13,385 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on INDB. Independent Research set a $80.00 target price on shares of Independent Bank in a research report on Wednesday, December 17th. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. Finally, 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 research report on Monday, February 2nd. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $76.50.

Insider Buying and Selling

In related news, Director Donna L. Abelli sold 524 shares of the firm’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $85.00, for a total value of $44,540.00. Following the sale, the director owned 13,247 shares of the company’s stock, valued at $1,125,995. This trade represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John J. Morrissey sold 1,988 shares of Independent Bank 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 transaction, the director owned 12,747 shares of the company’s stock, valued at $1,092,417.90. This represents a 13.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.81% of the stock is currently owned by corporate insiders.

Independent Bank Stock Performance

Shares of INDB stock opened at $77.21 on Friday. The firm has a 50 day moving average of $79.26 and a two-hundred day moving average of $73.75. The stock has a market capitalization of $3.78 billion, a PE ratio of 17.35 and a beta of 0.79. 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.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $249.64 million. Independent Bank had a return on equity of 7.88% and a net margin of 17.51%. On average, research analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 7th. Stockholders of record on Monday, December 29th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 29th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.1%. Independent Bank’s payout ratio is currently 53.03%.

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.