Texas Permanent School Fund Has $2.59 Million Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Posted by Defense World Staff on May 10th, 2023

Texas Permanent School Fund decreased its holdings in shares of Independent Bank Corp. (NASDAQ:INDB – Get Rating) by 7.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,685 shares of the bank’s stock after selling 2,329 shares during the period. Texas Permanent School Fund owned approximately 0.07% of Independent Bank worth $2,591,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in INDB. Baldwin Brothers LLC MA purchased a new stake in Independent Bank during the fourth quarter worth about $80,000. Armstrong Advisory Group Inc. bought a new position in Independent Bank during the fourth quarter worth about $53,000. Leeward Investments LLC MA bought a new position in Independent Bank during the fourth quarter worth about $21,398,000. Bank of Montreal Can boosted its position in Independent Bank by 36.1% during the fourth quarter. Bank of Montreal Can now owns 7,539 shares of the bank’s stock worth $647,000 after purchasing an additional 1,999 shares during the period. Finally, GHP Investment Advisors Inc. boosted its position in Independent Bank by 2.5% during the third quarter. GHP Investment Advisors Inc. now owns 43,890 shares of the bank’s stock worth $3,271,000 after purchasing an additional 1,091 shares during the period. Hedge funds and other institutional investors own 81.28% of the company’s stock.

Insider Transactions at Independent Bank

In other Independent Bank news, CFO Mark J. Ruggiero acquired 1,000 shares of the stock in a transaction dated Friday, April 28th. The stock was purchased at an average cost of $56.29 per share, for a total transaction of $56,290.00. Following the acquisition, the chief financial officer now owns 10,958 shares in the company, valued at approximately $616,825.82. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Independent Bank news, CEO Jeffrey J. Tengel acquired 2,069 shares of the stock in a transaction dated Thursday, May 4th. The stock was purchased at an average cost of $48.42 per share, for a total transaction of $100,180.98. Following the acquisition, the chief executive officer now owns 21,948 shares in the company, valued at approximately $1,062,722.16. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark J. Ruggiero purchased 1,000 shares of the stock in a transaction that occurred on Friday, April 28th. The shares were purchased at an average price of $56.29 per share, with a total value of $56,290.00. Following the completion of the acquisition, the chief financial officer now directly owns 10,958 shares in the company, valued at $616,825.82. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 4,069 shares of company stock worth $207,131. 0.87% of the stock is currently owned by insiders.

Independent Bank Trading Down 0.8 %

Shares of INDB opened at $47.56 on Wednesday. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 8.01 and a beta of 0.81. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.94 and a current ratio of 0.94. Independent Bank Corp. has a fifty-two week low of $46.16 and a fifty-two week high of $91.65. The firm has a 50 day moving average price of $63.69 and a 200-day moving average price of $76.61.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 6th. Stockholders of record on Monday, March 27th were issued a $0.55 dividend. The ex-dividend date of this dividend was Friday, March 24th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.63%. Independent Bank’s payout ratio is 37.04%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on INDB shares. TheStreet lowered shares of Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, April 26th. Piper Sandler cut their price objective on shares of Independent Bank from $83.00 to $72.00 in a research report on Tuesday, March 14th. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday, March 10th. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $90.00 to $80.00 and set a “market perform” rating on the stock in a research note on Thursday, April 6th.

About Independent Bank

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Independent Bank Corp. operates as a bank holding company. The company provides commercial banking, retail banking, and wealth management services and is engaged in the sale of retail investments and insurance products in Massachusetts. It offers deposit products, including demand deposits, interest checking, money market accounts, savings accounts, and time certificates of deposit.