Bank of New York Mellon Corp Has $25.58 Million Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Bank of New York Mellon Corp lessened its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 3.8% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 408,237 shares of the bank's stock after selling 15,913 shares during the quarter. Bank of New York Mellon Corp owned about 0.96% of Independent Bank worth $25,576,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock valued at $27,000 after acquiring an additional 262 shares during the period. Sterling Capital Management LLC grew its position in shares of Independent Bank by 810.2% during the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock worth $86,000 after purchasing an additional 1,191 shares in the last quarter. KBC Group NV raised its position in shares of Independent Bank by 15.3% in the first quarter. KBC Group NV now owns 2,204 shares of the bank's stock valued at $138,000 after buying an additional 293 shares in the last quarter. Cibc World Markets Corp acquired a new stake in Independent Bank during the fourth quarter worth approximately $255,000. Finally, Stifel Financial Corp acquired a new stake in Independent Bank during the fourth quarter worth approximately $266,000. Institutional investors and hedge funds own 83.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wall Street Zen cut Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. 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 report on Monday, April 21st. Finally, Keefe, Bruyette & Woods dropped their price objective 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Independent Bank presently has an average rating of "Moderate Buy" and a consensus price target of $71.00.

Independent Bank Trading Up 5.8%

Shares of INDB stock traded up $3.79 during mid-day trading on Friday, reaching $69.48. 934,092 shares of the stock traded hands, compared to its average volume of 306,689. The stock's fifty day simple moving average is $63.68 and its two-hundred day simple moving average is $63.37. The company has a market cap of $2.96 billion, a price-to-earnings ratio of 15.65 and a beta of 0.84. Independent Bank Corp. has a 1-year low of $52.15 and a 1-year high of $77.23. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.28.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.05. The firm had revenue of $181.80 million during the quarter, compared to analysts' expectations of $179.47 million. Independent Bank had a net margin of 19.12% and a return on equity of 6.41%. On average, research analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were given a $0.59 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.40%. Independent Bank's dividend payout ratio (DPR) is presently 53.15%.

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.