Independent Bank Corp. (NASDAQ:INDB) Shares Bought by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP increased its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 1.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,318,650 shares of the bank's stock after purchasing an additional 36,335 shares during the period. Dimensional Fund Advisors LP owned 5.46% of Independent Bank worth $148,835,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in INDB. Venturi Wealth Management LLC purchased a new stake in shares of Independent Bank during the 4th quarter valued at $62,000. Smartleaf Asset Management LLC grew its position in Independent Bank by 105.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock valued at $68,000 after acquiring an additional 542 shares during the period. Sterling Capital Management LLC increased its stake in Independent Bank by 810.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock worth $86,000 after acquiring an additional 1,191 shares during the last quarter. KBC Group NV raised its holdings in shares of Independent Bank by 34.5% in the 4th quarter. KBC Group NV now owns 1,911 shares of the bank's stock worth $123,000 after purchasing an additional 490 shares during the period. Finally, ST Germain D J Co. Inc. lifted its stake in shares of Independent Bank by 364.9% in the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank's stock valued at $142,000 after purchasing an additional 1,737 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Down 0.3 %

NASDAQ INDB traded down $0.16 during trading hours on Wednesday, reaching $59.09. 353,396 shares of the company traded hands, compared to its average volume of 286,547. The company has a current ratio of 0.95, a quick 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 company has a 50 day moving average of $60.87 and a two-hundred day moving average of $65.22. The stock has a market capitalization of $2.52 billion, a PE ratio of 13.07 and a beta of 0.84.

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 analysts' consensus estimates of $1.18 by ($0.12). Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. The firm had revenue of $178.04 million for the quarter, compared to the consensus estimate of $175.03 million. As a group, equities analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a dividend of $0.59 per share. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date was Monday, March 31st. This represents a $2.36 annualized dividend and a yield of 3.99%. Independent Bank's payout ratio is presently 53.15%.

Insiders Place Their Bets

In related news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares of the company's stock, valued at $876,495.48. This represents a 4.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.81% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Raymond James reissued a "strong-buy" rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods cut 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 research report on Saturday. Finally, Piper Sandler cut their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. One equities 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 stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

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.