Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. raised its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 114.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,743 shares of the bank's stock after purchasing an additional 18,042 shares during the quarter. Balyasny Asset Management L.P. owned about 0.08% of Independent Bank worth $2,166,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its position in Independent Bank by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank's stock valued at $148,835,000 after acquiring an additional 36,335 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Independent Bank by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank's stock worth $34,980,000 after acquiring an additional 21,289 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Independent Bank by 10.9% during the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank's stock worth $30,128,000 after purchasing an additional 46,046 shares during the last quarter. Norges Bank acquired a new position in Independent Bank in the fourth quarter worth about $28,810,000. Finally, Invesco Ltd. grew its stake in Independent Bank by 9.3% in the fourth quarter. Invesco Ltd. now owns 444,703 shares of the bank's stock worth $28,545,000 after purchasing an additional 37,941 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Stock Performance

Shares of NASDAQ INDB traded down $0.09 during midday trading on Friday, hitting $64.70. 356,117 shares of the company's stock were exchanged, compared to its average volume of 289,962. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The firm has a market cap of $2.76 billion, a P/E ratio of 14.31 and a beta of 0.82. The stock's 50 day moving average price is $60.15 and its 200-day moving average price is $65.22. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

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

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.65%. This is an increase from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Monday, March 31st. Independent Bank's dividend payout ratio is 53.15%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on INDB shares. Raymond James reiterated a "strong-buy" rating and set a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. StockNews.com downgraded Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Piper Sandler lowered their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Finally, Keefe, Bruyette & Woods cut their target price on 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $71.00.

About Independent Bank

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.