149,542 Shares in Independent Bank Corp. $INDB Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp purchased a new stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 149,542 shares of the bank's stock, valued at approximately $5,394,000. Bank of New York Mellon Corp owned 0.31% of Independent Bank as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Xponance LLC raised its position in Independent Bank by 3.6% during the 4th quarter. Xponance LLC now owns 3,981 shares of the bank's stock worth $291,000 after purchasing an additional 140 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Independent Bank by 26.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank's stock worth $52,000 after acquiring an additional 146 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in Independent Bank by 2.0% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank's stock worth $607,000 after buying an additional 161 shares in the last quarter. Osaic Holdings Inc. increased its stake in Independent Bank by 23.3% in the 2nd quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank's stock valued at $70,000 after buying an additional 211 shares during the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of Independent Bank by 0.6% during the 2nd quarter. California State Teachers Retirement System now owns 39,289 shares of the bank's stock worth $2,471,000 after purchasing an additional 224 shares during the period. 83.40% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Thomas R. Venables sold 3,750 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total transaction of $311,250.00. Following the completion of the transaction, the director directly owned 17,649 shares of the company's stock, valued at approximately $1,464,867. This represents a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gerard Nadeau sold 5,307 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the transaction, the director directly owned 16,907 shares of the company's stock, valued at approximately $1,431,853.83. The trade was a 23.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.60% of the stock is owned by corporate insiders.

Independent Bank Stock Up 1.2%

INDB stock opened at $83.90 on Friday. The company's 50 day simple moving average is $84.15 and its 200-day simple moving average is $80.59. Independent Bank Corp. has a 12 month low of $63.33 and a 12 month high of $87.50. The firm has a market capitalization of $3.97 billion, a PE ratio of 15.14 and a beta of 0.76. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing the consensus estimate of $1.79 by ($0.09). The company had revenue of $253.32 million for the quarter, compared to analysts' expectations of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. Equities analysts expect that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 29th were given a $0.64 dividend. The ex-dividend date of this dividend was Monday, June 29th. This represents a $2.56 annualized dividend and a dividend yield of 3.1%. Independent Bank's payout ratio is presently 46.21%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on INDB shares. Hovde Group initiated coverage on Independent Bank in a research note on Friday, May 15th. They issued an "outperform" rating and a $95.00 price objective on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Independent Bank in a report on Wednesday, August 5th. Piper Sandler raised their price objective on Independent Bank from $84.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods cut their price objective on shares of Independent Bank from $99.00 to $96.00 and set an "outperform" rating on the stock in a research report on Monday, July 20th. Finally, Independent Research set a $95.00 price objective on shares of Independent Bank in a research report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $91.86.

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.

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