Maltese Capital Management LLC Buys 11,500 Shares of Independent Bank Corp. $INDB

Maltese Capital Management LLC grew its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 17.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 76,500 shares of the bank’s stock after acquiring an additional 11,500 shares during the quarter. Maltese Capital Management LLC owned 0.15% of Independent Bank worth $5,292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in INDB. Cibc World Market Inc. purchased a new position in Independent Bank during the third quarter worth about $6,506,000. HighTower Advisors LLC lifted its position in shares of Independent Bank by 242.9% during the 3rd quarter. HighTower Advisors LLC now owns 23,406 shares of the bank’s stock worth $1,619,000 after buying an additional 16,581 shares in the last quarter. Spinnaker Trust bought a new stake in Independent Bank during the third quarter worth $1,856,000. White Pine Capital LLC purchased a new position in Independent Bank in the third quarter worth $1,792,000. Finally, Squarepoint Ops LLC bought a new position in Independent Bank in the 2nd quarter valued at $1,486,000. Institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

Shares of INDB stock opened at $74.78 on Tuesday. The firm’s 50 day moving average is $79.47 and its 200 day moving average is $74.05. The stock has a market capitalization of $3.66 billion, a P/E ratio of 16.80 and a beta of 0.79. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $87.00. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, January 22nd. The bank reported $1.70 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.05. Independent Bank had a net margin of 17.51% and a return on equity of 7.88%. The business had revenue of $253.93 million during the quarter, compared to analyst estimates of $249.64 million. On average, sell-side analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 524 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $85.00, for a total value of $44,540.00. Following the completion of the transaction, the director owned 13,247 shares in the company, valued at $1,125,995. This trade represents a 3.81% decrease in their position. The sale was disclosed in a document filed 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 dated Friday, February 6th. The shares were sold at an average price of $85.70, for a total value of $170,371.60. Following the transaction, the director directly owned 12,747 shares of the company’s stock, valued at $1,092,417.90. The trade was 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 insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on INDB shares. Piper Sandler started coverage on Independent Bank in a research note on Monday. They set a “neutral” rating and a $84.00 target price on the stock. Independent Research set a $80.00 price target on shares of Independent Bank in a research report on Wednesday, December 17th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research report 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 target price on the stock. in a research note on Monday, February 2nd. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $81.75.

Independent Bank Profile

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.