Banque Pictet & Cie SA Acquires New Holdings in Independent Bank Corp. (NASDAQ:INDB)

Banque Pictet & Cie SA bought a new stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 6,279 shares of the bank's stock, valued at approximately $393,000.

Several other institutional investors have also recently made changes to their positions in INDB. Dimensional Fund Advisors LP grew its stake in Independent Bank by 1.6% in the 4th 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. Deprince Race & Zollo Inc. grew its stake in Independent Bank by 687.2% in the 4th quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank's stock valued at $60,868,000 after acquiring an additional 827,793 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Independent Bank by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank's stock valued at $34,980,000 after acquiring an additional 21,289 shares during the period. American Century Companies Inc. grew its stake in Independent Bank by 10.9% in the 4th quarter. American Century Companies Inc. now owns 469,359 shares of the bank's stock valued at $30,128,000 after acquiring an additional 46,046 shares during the period. Finally, Norges Bank acquired a new stake in Independent Bank in the 4th quarter valued at $28,810,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Piper Sandler dropped 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. Keefe, Bruyette & Woods dropped their price target 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. Finally, Wall Street Zen cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. One 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 MarketBeat, Independent Bank currently has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank Price Performance

INDB traded down $1.43 on Friday, hitting $65.98. 439,794 shares of the company's stock were exchanged, compared to its average volume of 303,900. The firm has a 50-day moving average price of $63.38 and a 200-day moving average price of $63.37. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.28. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 14.86 and a beta of 0.84. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.12). The firm had revenue of $178.04 million for the quarter, compared to analyst estimates of $175.03 million. Independent Bank had a net margin of 19.12% and a return on equity of 6.41%. As a group, equities analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 annualized dividend and a dividend yield of 3.58%. Independent Bank's payout ratio is 53.15%.

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.