6,279 Shares in Independent Bank Corp. (NASDAQ:INDB) Acquired by Banque Pictet & Cie SA

Banque Pictet & Cie SA purchased a new stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 6,279 shares of the bank's stock, valued at approximately $393,000.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in shares of Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after acquiring an additional 262 shares during the period. Sterling Capital Management LLC boosted its stake in shares of Independent Bank by 810.2% in 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 period. KBC Group NV boosted its stake 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 worth $138,000 after acquiring an additional 293 shares during the period. Cibc World Markets Corp purchased a new stake in shares of Independent Bank in the fourth quarter worth about $255,000. Finally, Stifel Financial Corp purchased a new stake in shares of Independent Bank in the fourth quarter worth about $266,000. Institutional investors own 83.40% of the company's stock.

Independent Bank Trading Up 1.6%

INDB stock traded up $1.06 during midday trading on Monday, reaching $67.04. 365,475 shares of the company traded hands, compared to its average volume of 304,386. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $77.23. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.96 and a current ratio of 0.96. The business has a 50 day moving average of $63.38 and a 200-day moving average of $63.33. The firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of 15.10 and a beta of 0.84.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued 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). Independent Bank had a return on equity of 6.41% and a net margin of 19.12%. The business had revenue of $178.04 million during the quarter, compared to analysts' expectations of $175.03 million. As a group, sell-side analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were issued a $0.59 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 annualized dividend and a dividend yield of 3.52%. Independent Bank's payout ratio is 53.15%.

Analyst Upgrades and Downgrades

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