492,923 Shares in Independent Bank Corp. $INDB Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 492,923 shares of Independent Bank, worth approximately $41.3 million, giving it a 1.02% stake. Institutional investors collectively own 83.4% of the company.
• Analysts maintain a generally positive view of INDB, with a consensus rating of “Moderate Buy” and an average price target of $91.86.
• Independent Bank reported quarterly EPS of $1.70, below the $1.79 consensus estimate, while revenue of $253.3 million also missed expectations. The company pays a quarterly dividend of $0.64, representing a 3.1% yield.

Bank of New York Mellon Corp acquired a new stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 492,923 shares of the bank's stock, valued at approximately $41,268,000. Bank of New York Mellon Corp owned 1.02% of Independent Bank at the end of the most recent quarter.

Several other large investors have also made changes to their positions in INDB. Alliancebernstein L.P. raised its holdings in shares of Independent Bank by 57.9% during the second quarter. Alliancebernstein L.P. now owns 1,703,144 shares of the bank's stock worth $107,102,000 after purchasing an additional 624,833 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Independent Bank by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 1,232,467 shares of the bank's stock valued at $90,082,000 after purchasing an additional 20,278 shares during the last quarter. Verition Fund Management LLC boosted its holdings in Independent Bank by 17.6% in the third quarter. Verition Fund Management LLC now owns 946,006 shares of the bank's stock valued at $65,435,000 after purchasing an additional 141,888 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Independent Bank by 17.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 810,155 shares of the bank's stock worth $59,206,000 after purchasing an additional 120,362 shares during the period. Finally, Reinhart Partners LLC. grew its position in Independent Bank by 1.3% during the 2nd quarter. Reinhart Partners LLC. now owns 657,871 shares of the bank's stock worth $55,078,000 after purchasing an additional 8,575 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on INDB. Hovde Group started coverage on Independent Bank in a research note on Friday, May 15th. They issued an "outperform" rating and a $95.00 target price on the stock. Piper Sandler boosted their price target on Independent Bank from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Keefe, Bruyette & Woods lowered their price objective on Independent Bank from $99.00 to $96.00 and set an "outperform" rating on the stock in a research report on Monday, July 20th. Independent Research set a $95.00 price objective on shares of Independent Bank in a research note on Friday, May 15th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Independent Bank in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $91.86.

Independent Bank Price Performance

Shares of INDB stock opened at $82.06 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.94 and a quick ratio of 0.94. The company has a market capitalization of $3.89 billion, a PE ratio of 14.81 and a beta of 0.78. The firm's 50-day moving average is $84.33 and its two-hundred day moving average is $80.67. Independent Bank Corp. has a 12 month low of $63.33 and a 12 month high of $87.50.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (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 firm had revenue of $253.32 million for the quarter, compared to analyst estimates of $257.50 million. Analysts predict that Independent Bank Corp. will post 7.11 earnings per share for the current year.

Independent Bank Announces Dividend

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

Insider Transactions at Independent Bank

In other news, Director Thomas R. Venables sold 3,750 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $83.00, for a total value of $311,250.00. Following the sale, the director directly owned 17,649 shares of the company's stock, valued at approximately $1,464,867. The trade was a 17.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gerard F. Nadeau sold 5,307 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total transaction of $449,449.83. Following the completion of the sale, the director directly owned 16,907 shares in the company, valued at $1,431,853.83. This trade represents a 23.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.60% of the company's stock.

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.

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