AQR Capital Management LLC Purchases 8,878 Shares of Independent Bank Corp. (NASDAQ:INDB)

AQR Capital Management LLC grew its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 7.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,285 shares of the bank's stock after purchasing an additional 8,878 shares during the quarter. AQR Capital Management LLC owned about 0.29% of Independent Bank worth $7,785,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of INDB. Norges Bank bought a new position in shares of Independent Bank during the fourth quarter worth about $28,810,000. JPMorgan Chase & Co. increased its holdings in shares of Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock worth $20,024,000 after acquiring an additional 126,791 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Independent Bank by 302.5% during the fourth quarter. Russell Investments Group Ltd. now owns 162,206 shares of the bank's stock worth $10,412,000 after purchasing an additional 121,906 shares during the period. New York State Common Retirement Fund increased its position in shares of Independent Bank by 681.3% in the fourth quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank's stock worth $6,511,000 after purchasing an additional 88,448 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Independent Bank in the 4th quarter valued at about $5,586,000. Institutional investors and hedge funds own 83.40% of the company's stock.

Independent Bank Stock Performance

Shares of INDB traded up $3.69 during trading hours on Monday, hitting $65.54. The company had a trading volume of 46,385 shares, compared to its average volume of 287,444. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of 14.40 and a beta of 0.82. The business has a fifty day moving average of $60.00 and a 200-day moving average of $65.19.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing analysts' consensus estimates of $1.18 by ($0.12). The company had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Equities analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were issued a $0.59 dividend. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.60%. Independent Bank's payout ratio is presently 53.15%.

Analysts Set New Price Targets

INDB has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. StockNews.com cut shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Piper Sandler cut their price target on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Finally, Raymond James restated a "strong-buy" rating and issued a $78.00 price target (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $71.00.

Insiders Place Their Bets

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, the director now owns 12,516 shares of the company's stock, valued at $876,495.48. This trade represents a 4.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.81% of the company's stock.

Independent Bank Company Profile

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.