Mendon Capital Advisors Corp Makes New Investment in Independent Bank Corp. $INDB

Mendon Capital Advisors Corp bought 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 Securities and Exchange Commission (SEC). The institutional investor bought 10,000 shares of the bank’s stock, valued at approximately $752,000.

A number of other hedge funds have also modified their holdings of INDB. Harbor Capital Advisors Inc. boosted its position in Independent Bank by 1.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 12,731 shares of the bank’s stock worth $930,000 after acquiring an additional 134 shares during the last quarter. Xponance LLC lifted its stake in Independent Bank by 3.6% in the 4th quarter. Xponance LLC now owns 3,981 shares of the bank’s stock worth $291,000 after purchasing an additional 140 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Independent Bank by 26.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock worth $52,000 after purchasing an additional 146 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Independent Bank by 2.0% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank’s stock worth $607,000 after purchasing an additional 161 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Independent Bank by 0.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 24,246 shares of the bank’s stock worth $1,821,000 after purchasing an additional 177 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Independent Bank

In other news, Director Joseph C. Lerner sold 2,832 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $77.31, for a total transaction of $218,941.92. Following the completion of the transaction, the director directly owned 16,215 shares in the company, valued at approximately $1,253,581.65. This represents a 14.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is currently owned by company insiders.

Independent Bank Price Performance

INDB stock opened at $85.12 on Monday. The firm has a market cap of $4.11 billion, a PE ratio of 15.36 and a beta of 0.77. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.93 and a current ratio of 0.93. The firm’s 50 day moving average price is $82.00 and its 200-day moving average price is $79.68. Independent Bank Corp. has a one year low of $61.55 and a one year high of $87.50.

Independent Bank (NASDAQ:INDB) last released 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). The business had revenue of $253.32 million during the quarter, compared to analyst estimates of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. On average, equities research analysts anticipate that Independent Bank Corp. will post 7.15 EPS for the current year.

Independent Bank Announces Dividend

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

Wall Street Analyst Weigh In

INDB has been the subject of several recent research reports. Stephens started coverage on Independent Bank in a report on Wednesday, April 15th. They issued an “overweight” rating and a $88.00 price target for the company. Raymond James Financial reissued a “strong-buy” rating and set a $97.00 price objective on shares of Independent Bank in a research note on Friday, April 17th. Independent Research set a $95.00 target price on Independent Bank in a report on Friday, May 15th. Piper Sandler raised their target price on Independent Bank from $84.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Finally, Barclays lifted their price target on Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus 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.