Independent Bank Corp. $INDB Shares Bought by Susquehanna Fundamental Investments LLC

Key Points

• Susquehanna Fundamental Investments increased its Independent Bank position by 288% in the second quarter, ending with 55,150 shares valued at approximately $4.6 million. Institutional investors and hedge funds collectively own 83.4% of the stock.
• Analyst sentiment remains generally favorable, with a consensus rating of “Moderate Buy” and an average price target of $91.86, above the reported opening price of $81.18.
• Independent Bank recently reported quarterly earnings of $1.70 per share, below the $1.79 consensus estimate, while maintaining a quarterly dividend of $0.64 per share, equivalent to a 3.2% annualized yield.

Susquehanna Fundamental Investments LLC lifted its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 288.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,150 shares of the bank's stock after acquiring an additional 40,936 shares during the quarter. Susquehanna Fundamental Investments LLC owned 0.12% of Independent Bank worth $4,617,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of INDB. Hsbc Holdings PLC acquired a new position in Independent Bank during the second quarter worth $6,958,000. Jefferies Financial Group Inc. acquired a new position in shares of Independent Bank during the 2nd quarter worth about $346,000. Public Employees Retirement System of Ohio purchased a new position in Independent Bank in the 2nd quarter valued at about $48,000. Corient Private Wealth LP acquired a new stake in Independent Bank in the 2nd quarter worth about $292,000. Finally, Bank of America Corp DE acquired a new stake in Independent Bank in the 2nd quarter worth about $44,640,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Buying and Selling at Independent Bank

In related news, Director Thomas R. Venables sold 3,750 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $83.00, for a total value of $311,250.00. Following the transaction, the director owned 17,649 shares of the company's stock, valued at $1,464,867. This represents a 17.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Gerard F. Nadeau sold 5,307 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $84.69, for a total value of $449,449.83. Following the completion of the sale, the director owned 16,907 shares in the company, valued at approximately $1,431,853.83. This represents a 23.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.60% of the company's stock.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $81.18 on Tuesday. The business has a 50-day simple moving average of $84.32 and a 200-day simple moving average of $80.61. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. Independent Bank Corp. has a one year low of $63.33 and a one year high of $87.50. The company has a market cap of $3.85 billion, a PE ratio of 14.65 and a beta of 0.78.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its earnings results 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). Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. The firm had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. On average, equities research analysts forecast that Independent Bank Corp. will post 7.11 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 29th were paid a dividend of $0.64 per share. The ex-dividend date was Monday, June 29th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.2%. Independent Bank's payout ratio is presently 46.21%.

Independent Bank Company 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.

Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp. (NASDAQ:INDB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source