MQS Management LLC Acquires New Shares in Independent Bank Corp. $INDB

MQS Management LLC bought a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,253 shares of the bank’s stock, valued at approximately $470,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in INDB. Salomon & Ludwin LLC lifted its holdings in Independent Bank by 167.2% in the 4th quarter. Salomon & Ludwin LLC now owns 358 shares of the bank’s stock worth $27,000 after purchasing an additional 224 shares during the last quarter. Advisory Services Network LLC acquired a new position in Independent Bank during the third quarter valued at approximately $32,000. EverSource Wealth Advisors LLC raised its position in shares of 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 bought a new position in shares of Independent Bank in the third quarter valued at approximately $42,000. Finally, First Horizon Corp lifted its stake in shares of Independent Bank by 47.8% in the fourth quarter. First Horizon Corp now owns 659 shares of the bank’s stock worth $48,000 after buying an additional 213 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Price Performance

Shares of Independent Bank stock opened at $85.00 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.94 and a quick ratio of 0.94. Independent Bank Corp. has a fifty-two week low of $61.55 and a fifty-two week high of $87.00. The firm has a fifty day moving average price of $79.67 and a two-hundred day moving average price of $78.62. The company has a market cap of $4.11 billion, a PE ratio of 16.87 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, April 16th. The bank reported $1.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.70 by ($0.02). The company had revenue of $252.72 million for the quarter, compared to the consensus estimate of $251.45 million. Independent Bank had a return on equity of 8.66% and a net margin of 19.14%.During the same quarter in the previous year, the firm posted $1.06 EPS. Analysts expect that Independent Bank Corp. will post 7.29 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Monday, June 29th will be paid a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a yield of 3.0%. The ex-dividend date is Monday, June 29th. Independent Bank’s payout ratio is currently 50.79%.

Wall Street Analyst Weigh In

INDB has been the topic of a number of research analyst reports. Independent Research set a $95.00 target price on shares of Independent Bank in a research note on Friday, May 15th. Raymond James Financial reissued a “strong-buy” rating and set a $97.00 target price on shares of Independent Bank in a research report on Friday, April 17th. Keefe, Bruyette & Woods decreased their price target on shares of Independent Bank from $96.00 to $94.00 and set an “outperform” rating for the company in a report on Monday, April 20th. Hovde Group started coverage on Independent Bank in a research report on Friday, May 15th. They issued an “outperform” rating and a $95.00 price target on the stock. Finally, Weiss Ratings upgraded Independent Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.57.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Joseph C. Lerner sold 2,832 shares of the company’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 value of $218,941.92. Following the completion of the transaction, the director owned 16,215 shares of the company’s stock, valued at $1,253,581.65. This represents a 14.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.60% of the stock is owned by corporate insiders.

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.