Meeder Asset Management Inc. Buys New Position in Independent Bank Corp. $INDB

Meeder Asset Management Inc. bought a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 14,384 shares of the bank’s stock, valued at approximately $1,204,000.

Several other institutional investors have also added to or reduced their stakes in INDB. BlackRock Inc. purchased a new position in shares of Independent Bank during the 2nd quarter worth $584,333,000. Deutsche Bank AG purchased a new stake in shares of Independent Bank in the 2nd quarter worth $4,269,000. OneDigital Investment Advisors LLC purchased a new stake in shares of Independent Bank in the 2nd quarter worth $205,000. Global Retirement Partners LLC bought a new position in Independent Bank in the 2nd quarter worth $139,000. Finally, Bank of New York Mellon Corp bought a new position in Independent Bank in the 2nd quarter worth $5,394,000. 83.40% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Gerard F. Nadeau sold 5,307 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $84.69, for a total transaction of $449,449.83. Following the completion of the sale, the director owned 16,907 shares in the company, valued at approximately $1,431,853.83. This trade represents a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.60% of the company’s stock.

Independent Bank Stock Down 0.8%

INDB opened at $85.34 on Wednesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.94 and a current ratio of 0.94. Independent Bank Corp. has a fifty-two week low of $63.33 and a fifty-two week high of $87.50. The firm’s fifty day moving average is $84.12 and its 200 day moving average is $80.67. The stock has a market cap of $4.04 billion, a price-to-earnings ratio of 15.40 and a beta of 0.78.

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

Independent Bank Announces Dividend

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

Analysts Set New Price Targets

Several analysts have issued reports on INDB shares. Weiss Ratings reissued a “buy (b)” rating on shares of Independent Bank in a report on Wednesday, August 5th. Hovde Group assumed coverage on Independent Bank in a research note on Friday, May 15th. They issued an “outperform” rating and a $95.00 price objective on the stock. Piper Sandler lifted their price objective on Independent Bank from $84.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Monday, July 20th. Finally, Independent Research set a $95.00 price objective on Independent Bank in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Independent Bank has an average rating of “Moderate Buy” and an average price target of $91.86.

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.