Beese Fulmer Investment Management Inc. Buys New Position in Independent Bank Corp. $INDB

Beese Fulmer Investment Management Inc. purchased a new position in Independent Bank Corp. (NASDAQ:INDB) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 7,164 shares of the bank’s stock, valued at approximately $496,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Cibc World Market Inc. bought a new position in Independent Bank in the 3rd quarter worth $6,506,000. HighTower Advisors LLC grew its holdings in Independent Bank by 242.9% during the third quarter. HighTower Advisors LLC now owns 23,406 shares of the bank’s stock valued at $1,619,000 after purchasing an additional 16,581 shares during the period. Spinnaker Trust bought a new stake in Independent Bank during the third quarter valued at about $1,856,000. Squarepoint Ops LLC purchased a new stake in Independent Bank in the second quarter worth about $1,486,000. Finally, White Pine Capital LLC purchased a new stake in Independent Bank in the third quarter worth about $1,792,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on INDB. Independent Research set a $80.00 target price on shares of Independent Bank in a report on Wednesday, December 17th. Barclays downgraded shares of Independent Bank from an “equal weight” rating to an “underweight” rating and set a $80.00 price target on the stock. in a report on Monday, February 2nd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Independent Bank currently has an average rating of “Hold” and an average price target of $76.50.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director John J. Morrissey sold 1,988 shares of Independent Bank stock in a transaction on Friday, February 6th. The shares were 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 of the company’s stock, valued at $1,092,417.90. This trade represents a 13.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Donna L. Abelli sold 524 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total transaction of $44,540.00. Following the completion of the sale, the director owned 13,247 shares in the company, valued at approximately $1,125,995. This trade represents a 3.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.81% of the stock is owned by company insiders.

Independent Bank Stock Performance

NASDAQ:INDB opened at $75.33 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank Corp. has a 1 year low of $52.15 and a 1 year high of $87.00. The stock’s 50 day simple moving average is $79.40 and its two-hundred day simple moving average is $73.96. The company has a market cap of $3.69 billion, a price-to-earnings ratio of 16.93 and a beta of 0.79.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, January 22nd. The bank reported $1.70 EPS for the quarter, beating analysts’ consensus estimates 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. As a group, equities analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

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.