Azora Capital LP Purchases New Stake in Independent Bank Corp. $INDB

Azora Capital LP acquired a new position in Independent Bank Corp. (NASDAQ:INDB) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 221,838 shares of the bank’s stock, valued at approximately $16,212,000. Independent Bank accounts for 1.0% of Azora Capital LP’s portfolio, making the stock its 26th largest holding. Azora Capital LP owned approximately 0.45% of Independent Bank at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Salomon & Ludwin LLC boosted its position in shares of Independent Bank by 167.2% during the fourth quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after buying an additional 224 shares during the period. Advisory Services Network LLC purchased a new position in Independent Bank in the third quarter valued at $32,000. EverSource Wealth Advisors LLC boosted its holdings in Independent Bank by 233.3% in the second quarter. EverSource Wealth Advisors LLC now owns 550 shares of the bank’s stock valued at $35,000 after purchasing an additional 385 shares during the period. Danske Bank A S acquired a new stake in Independent Bank in the third quarter valued at $42,000. Finally, First Horizon Corp raised its stake in Independent Bank by 47.8% in the fourth quarter. First Horizon Corp now owns 659 shares of the bank’s stock valued at $48,000 after buying an additional 213 shares in the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Price Performance

Shares of INDB opened at $81.07 on Thursday. Independent Bank Corp. has a twelve month low of $57.01 and a twelve month high of $87.00. The stock’s 50 day moving average is $78.90 and its two-hundred day moving average is $77.98. The firm has a market capitalization of $3.92 billion, a PE ratio of 16.09 and a beta of 0.77. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.02). Independent Bank had a net margin of 19.14% and a return on equity of 8.66%. The business had revenue of $252.72 million during the quarter, compared to analysts’ expectations of $251.45 million. During the same period in the prior year, the firm posted $1.06 EPS. Research analysts anticipate that Independent Bank Corp. will post 7.33 earnings per share for the current year.

Insider Activity at Independent Bank

In other news, Director Joseph C. Lerner sold 2,832 shares of the business’s stock in a transaction that occurred 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 sale, the director owned 16,215 shares of the company’s stock, valued at $1,253,581.65. The trade was a 14.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on INDB. Keefe, Bruyette & Woods cut their price target on Independent Bank from $96.00 to $94.00 and set an “outperform” rating on the stock in a research note on Monday, April 20th. Piper Sandler began coverage on Independent Bank in a research note on Monday, March 16th. They issued a “neutral” rating and a $84.00 price target on the stock. Hovde Group began coverage on Independent Bank in a research note on Friday, May 15th. They issued an “outperform” rating and a $95.00 price target on the stock. Raymond James Financial restated a “strong-buy” rating and issued a $97.00 price target on shares of Independent Bank in a research note on Friday, April 17th. Finally, Barclays lifted their target price on Independent Bank from $80.00 to $82.00 and gave the stock an “underweight” rating in a research report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $90.71.

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.