BNP Paribas Financial Markets Sells 5,994 Shares of Independent Bank Corp. (NASDAQ:INDB)

BNP Paribas Financial Markets trimmed its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 23.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,083 shares of the bank's stock after selling 5,994 shares during the period. BNP Paribas Financial Markets' holdings in Independent Bank were worth $1,225,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC acquired a new position in shares of Independent Bank during the fourth quarter worth about $62,000. Smartleaf Asset Management LLC boosted its position in shares of Independent Bank by 105.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock worth $68,000 after buying an additional 542 shares during the period. Sterling Capital Management LLC boosted its position in shares of Independent Bank by 810.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock worth $86,000 after buying an additional 1,191 shares during the period. KBC Group NV boosted its position in shares of Independent Bank by 34.5% during the fourth quarter. KBC Group NV now owns 1,911 shares of the bank's stock worth $123,000 after buying an additional 490 shares during the period. Finally, Cibc World Markets Corp acquired a new position in shares of Independent Bank during the fourth quarter worth about $255,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Down 0.7%

NASDAQ INDB traded down $0.40 during trading hours on Friday, hitting $60.78. 230,801 shares of the company traded hands, compared to its average volume of 291,562. The business's 50-day moving average is $60.18 and its 200-day moving average is $65.12. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 13.45 and a beta of 0.82.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Sell-side analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a $0.59 dividend. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date was Monday, March 31st. This represents a $2.36 annualized dividend and a yield of 3.88%. Independent Bank's dividend payout ratio is currently 53.15%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on INDB shares. Piper Sandler reduced their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Wall Street Zen cut Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Finally, Keefe, Bruyette & Woods reduced their price target on Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. One 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 has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

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.