Ameriprise Financial Inc. Sells 23,578 Shares of Independent Bank Corp. (NASDAQ:INDB)

Ameriprise Financial Inc. decreased its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 13.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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.

Other large investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in shares of Independent Bank by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock valued at $13,228,000 after purchasing an additional 5,792 shares during the period. Assenagon Asset Management S.A. bought a new stake in Independent Bank during the fourth quarter valued at about $5,586,000. Barclays PLC raised its holdings in Independent Bank by 75.0% during the third quarter. Barclays PLC now owns 94,976 shares of the bank's stock valued at $5,616,000 after acquiring an additional 40,697 shares during the period. Natixis Advisors LLC purchased a new position in shares of Independent Bank in the fourth quarter valued at about $722,000. Finally, Carl P. Sherr & Co. LLC boosted its stake in shares of Independent Bank by 65.6% in the fourth quarter. Carl P. Sherr & Co. LLC now owns 9,975 shares of the bank's stock worth $640,000 after acquiring an additional 3,950 shares during the period. Hedge funds and other institutional investors own 83.40% of the company's stock.

Analysts Set New Price Targets

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

Independent Bank Trading Down 0.1%

Shares of INDB opened at $64.64 on Tuesday. The company's fifty day simple moving average is $60.28 and its 200-day simple moving average is $65.27. The company has a market cap of $2.75 billion, a P/E ratio of 14.30 and a beta of 0.82. 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 twelve month low of $45.11 and a twelve month high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 earnings per share 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 during the quarter, compared to analysts' expectations of $175.03 million. As a group, analysts expect that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors 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. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date was Monday, March 31st. Independent Bank's dividend payout ratio (DPR) is currently 53.15%.

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.

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