Ameriprise Financial Inc. Decreases Stake in Independent Bank Corp. (NASDAQ:INDB)

Ameriprise Financial Inc. reduced its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 13.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 154,826 shares of the bank's stock after selling 23,578 shares during the period. Ameriprise Financial Inc. owned 0.36% of Independent Bank worth $9,945,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Independent Bank during the fourth quarter worth about $28,810,000. Russell Investments Group Ltd. increased its position in Independent Bank by 302.5% during the 4th quarter. Russell Investments Group Ltd. now owns 162,206 shares of the bank's stock valued at $10,412,000 after purchasing an additional 121,906 shares during the period. New York State Common Retirement Fund raised its holdings in Independent Bank by 681.3% during the 4th 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 last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Independent Bank in the 4th quarter worth approximately $5,586,000. Finally, Fisher Asset Management LLC boosted its stake in shares of Independent Bank by 58.8% in the 4th quarter. Fisher Asset Management LLC now owns 188,385 shares of the bank's stock valued at $12,092,000 after purchasing an additional 69,753 shares during the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Down 0.7%

Independent Bank stock traded down $0.40 during midday trading on Friday, reaching $60.78. The stock had a trading volume of 230,801 shares, compared to its average volume of 291,562. 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 fifty day moving average price of $60.18 and a two-hundred day moving average price of $65.12. The company has a market capitalization of $2.59 billion, a P/E ratio of 13.45 and a beta of 0.82.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.12). The business had revenue of $178.04 million during 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%. As a group, equities analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were issued a dividend of $0.59 per share. This is a boost from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date was Monday, March 31st. Independent Bank's dividend payout ratio (DPR) is currently 53.15%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Wall Street Zen downgraded Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Finally, Piper Sandler lowered their target price on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank 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.