Mendon Capital Advisors Corp Invests $752,000 in Independent Bank Corp. $INDB

Mendon Capital Advisors Corp acquired a new position in shares of Independent Bank Corp. (NASDAQ:INDB) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 10,000 shares of the bank’s stock, valued at approximately $752,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Entropy Technologies LP purchased a new stake in Independent Bank in the first quarter valued at approximately $347,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Independent Bank during the first quarter worth $958,000. Inceptionr LLC purchased a new position in shares of Independent Bank during the first quarter worth $215,000. Sei Investments Co. grew its stake in shares of Independent Bank by 10.8% in the first quarter. Sei Investments Co. now owns 86,704 shares of the bank’s stock valued at $6,521,000 after buying an additional 8,467 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Independent Bank by 1.8% in the first quarter. First Trust Advisors LP now owns 377,302 shares of the bank’s stock valued at $28,377,000 after buying an additional 6,840 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Price Performance

INDB stock opened at $85.12 on Monday. The business’s 50-day moving average is $82.00 and its two-hundred day moving average is $79.68. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a market capitalization of $4.11 billion, a P/E ratio of 15.36 and a beta of 0.77. Independent Bank Corp. has a 1 year low of $61.55 and a 1 year high of $87.50.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 EPS for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). Independent Bank had a return on equity of 9.19% and a net margin of 20.31%.The company had revenue of $253.32 million for the quarter, compared to analyst estimates of $257.50 million. Analysts anticipate that Independent Bank Corp. will post 7.15 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Shareholders of record on Monday, June 29th were issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 3.0%. The ex-dividend date was Monday, June 29th. Independent Bank’s payout ratio is 46.21%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Hovde Group initiated coverage on Independent Bank in a research note on Friday, May 15th. They set an “outperform” rating and a $95.00 target price on the stock. Weiss Ratings upgraded shares of Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. Barclays increased their price target on shares of Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 7th. Independent Research set a $95.00 price objective on shares of Independent Bank in a research note on Friday, May 15th. Finally, Piper Sandler lifted their price objective on shares of Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $91.86.

Insider Buying and Selling

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $77.31, for a total value of $218,941.92. Following the sale, the director directly owned 16,215 shares of the company’s stock, valued at approximately $1,253,581.65. This represents a 14.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.60% of the stock is owned by company insiders.

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.