Susquehanna Fundamental Investments LLC Increases Stock Position in Independent Bank Corp. $INDB

Susquehanna Fundamental Investments LLC increased its holdings in Independent Bank Corp. (NASDAQ:INDB) by 288.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,150 shares of the bank’s stock after acquiring an additional 40,936 shares during the quarter. Susquehanna Fundamental Investments LLC’s holdings in Independent Bank were worth $4,617,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Hsbc Holdings PLC acquired a new stake in Independent Bank during the 2nd quarter worth $6,958,000. Jefferies Financial Group Inc. acquired a new position in Independent Bank in the second quarter valued at $346,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Independent Bank in the second quarter valued at about $48,000. Corient Private Wealth LP purchased a new stake in shares of Independent Bank in the second quarter valued at about $292,000. Finally, Bank of America Corp DE acquired a new stake in shares of Independent Bank during the second quarter worth about $44,640,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

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

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, July 16th. The bank reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). The company had revenue of $253.32 million for the quarter, compared to analyst estimates of $257.50 million. Independent Bank had a return on equity of 9.19% and a net margin of 20.31%. As a group, analysts predict that Independent Bank Corp. will post 7.11 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

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 dividend of $0.64 per share. The ex-dividend date of this dividend was Monday, June 29th. This represents a $2.56 dividend on an annualized basis and a yield of 3.2%. Independent Bank’s payout ratio is currently 46.21%.

Analysts Set New Price Targets

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

Insider Activity

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

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.