Texas Permanent School Fund Has $1.33 Million Position in Independent Bank Corp. (INDB)

Texas Permanent School Fund increased its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 1.5% during the second quarter, Holdings Channel reports. The fund owned 19,882 shares of the bank’s stock after buying an additional 303 shares during the period. Texas Permanent School Fund’s holdings in Independent Bank Corp. were worth $1,325,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. US Bancorp DE boosted its position in Independent Bank Corp. by 4.7% in the first quarter. US Bancorp DE now owns 1,844 shares of the bank’s stock worth $120,000 after buying an additional 82 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new position in Independent Bank Corp. during the first quarter worth $145,000. State of Alaska Department of Revenue boosted its position in Independent Bank Corp. by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 3,000 shares of the bank’s stock worth $195,000 after buying an additional 70 shares in the last quarter. Bank of Montreal Can boosted its position in Independent Bank Corp. by 42.1% in the first quarter. Bank of Montreal Can now owns 3,036 shares of the bank’s stock worth $197,000 after buying an additional 899 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in Independent Bank Corp. by 47.3% in the first quarter. SG Americas Securities LLC now owns 3,032 shares of the bank’s stock worth $197,000 after buying an additional 973 shares in the last quarter. Institutional investors own 76.22% of the company’s stock.

Independent Bank Corp. (INDB) opened at 68.20 on Thursday. Independent Bank Corp. has a 12-month low of $47.50 and a 12-month high of $73.15. The stock has a market capitalization of $1.87 billion, a PE ratio of 23.19 and a beta of 0.98. The stock’s 50 day moving average price is $68.91 and its 200-day moving average price is $64.87.

Independent Bank Corp. (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, July 20th. The bank reported $0.82 EPS for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.01. The business had revenue of $85.15 million during the quarter, compared to the consensus estimate of $85.20 million. Independent Bank Corp. had a return on equity of 9.70% and a net margin of 23.17%. During the same quarter in the previous year, the business earned $0.78 earnings per share. Analysts expect that Independent Bank Corp. will post $3.33 earnings per share for the current year.

COPYRIGHT VIOLATION NOTICE: “Texas Permanent School Fund Has $1.33 Million Position in Independent Bank Corp. (INDB)” was posted by Community Financial News and is the property of of Community Financial News. If you are viewing this news story on another publication, it was copied illegally and reposted in violation of US & international copyright & trademark legislation. The original version of this news story can be accessed at https://www.com-unik.info/2017/08/17/texas-permanent-school-fund-has-1-33-million-position-in-independent-bank-corp-indb.html.

A number of research firms have recently weighed in on INDB. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $71.00 price target on shares of Independent Bank Corp. in a report on Wednesday, June 28th. BidaskClub cut Independent Bank Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Zacks Investment Research upgraded Independent Bank Corp. from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a report on Wednesday, July 26th. Compass Point upgraded Independent Bank Corp. from a “neutral” rating to a “buy” rating and set a $72.00 price target for the company in a report on Friday, July 21st. Finally, Piper Jaffray Companies began coverage on Independent Bank Corp. in a report on Monday, May 15th. They set a “neutral” rating and a $63.00 price target for the company. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $67.60.

In other Independent Bank Corp. news, insider Gerard F. Nadeau sold 5,193 shares of the business’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $71.75, for a total transaction of $372,597.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark J. Ruggiero sold 400 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $73.05, for a total value of $29,220.00. Following the sale, the insider now directly owns 2,852 shares of the company’s stock, valued at approximately $208,338.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,443 shares of company stock valued at $669,348. Company insiders own 2.67% of the company’s stock.

Independent Bank Corp. Company Profile

Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.

Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp. (NASDAQ:INDB).

Institutional Ownership by Quarter for Independent Bank Corp. (NASDAQ:INDB)

What are top analysts saying about Independent Bank Corp.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Independent Bank Corp. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit