Meeder Asset Management Inc. Purchases New Shares in Independent Bank Corp. $INDB

Meeder Asset Management Inc. acquired a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 14,384 shares of the bank’s stock, valued at approximately $1,204,000.

Several other institutional investors have also bought and sold shares of INDB. Xponance LLC increased its holdings in shares of 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 buying an additional 140 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Independent Bank by 26.1% in the 4th quarter. EverSource Wealth Advisors LLC now owns 705 shares of the bank’s stock valued at $52,000 after acquiring an additional 146 shares during the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Independent Bank by 2.0% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,303 shares of the bank’s stock worth $607,000 after acquiring an additional 161 shares in the last quarter. Osaic Holdings Inc. grew its position in Independent Bank by 23.3% in the second quarter. Osaic Holdings Inc. now owns 1,116 shares of the bank’s stock worth $70,000 after acquiring an additional 211 shares in the last quarter. Finally, First Horizon Corp increased its stake in Independent Bank by 47.8% during the fourth quarter. First Horizon Corp now owns 659 shares of the bank’s stock worth $48,000 after acquiring an additional 213 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on INDB shares. Keefe, Bruyette & Woods decreased 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 target price on Independent Bank in a report on Friday, May 15th. Piper Sandler boosted their target price on Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Hovde Group assumed coverage on Independent Bank in a report on Friday, May 15th. They set an “outperform” rating and a $95.00 price target on the stock. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Independent Bank in a research 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 assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Independent Bank has a consensus rating of “Moderate Buy” and an average price target of $91.86.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Gerard F. Nadeau sold 5,307 shares of the company’s 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 transaction, the director owned 16,907 shares of the company’s stock, valued at $1,431,853.83. This represents a 23.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.60% of the stock is currently owned by insiders.

Independent Bank Stock Performance

Independent Bank stock opened at $85.34 on Wednesday. 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 Corp. has a 1-year low of $63.33 and a 1-year high of $87.50. The firm has a market capitalization of $4.04 billion, a P/E ratio of 15.40 and a beta of 0.78. The company’s 50-day moving average is $84.12 and its 200 day moving average is $80.67.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.79 by ($0.09). The business had revenue of $253.32 million for the quarter, compared to analysts’ expectations of $257.50 million. Independent Bank had a net margin of 20.31% and a return on equity of 9.19%. Research analysts forecast that Independent Bank Corp. will post 7.11 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently declared 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. This represents a $2.56 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, June 29th. Independent Bank’s dividend payout ratio (DPR) is currently 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.