Cerity Partners LLC Has $4.81 Million Position in Independent Bank Corp. (NASDAQ:INDB)

Cerity Partners LLC grew its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 426.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 76,792 shares of the bank's stock after buying an additional 62,192 shares during the period. Cerity Partners LLC owned approximately 0.18% of Independent Bank worth $4,811,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock valued at $27,000 after purchasing an additional 262 shares in the last quarter. Sterling Capital Management LLC lifted its holdings 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 valued at $86,000 after purchasing an additional 1,191 shares in the last quarter. KBC Group NV lifted its holdings in shares of Independent Bank by 15.3% during the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock valued at $138,000 after purchasing an additional 293 shares in the last quarter. Cibc World Markets Corp bought a new position in shares of Independent Bank during the 4th quarter valued at about $255,000. Finally, Stifel Financial Corp bought a new position in shares of Independent Bank during the 4th quarter valued at about $266,000. Institutional investors own 83.40% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Piper Sandler cut their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Keefe, Bruyette & Woods cut their target price on 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 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 issued a hold rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $71.00.

Independent Bank Stock Up 2.4%

NASDAQ INDB traded up $1.52 during trading on Thursday, hitting $65.69. The stock had a trading volume of 425,445 shares, compared to its average volume of 304,180. The company has a market capitalization of $2.80 billion, a PE ratio of 14.80 and a beta of 0.84. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $77.23. The company's 50-day moving average price is $63.68 and its two-hundred day moving average price is $63.37. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.96 and a current ratio of 0.96.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.05. Independent Bank had a return on equity of 6.41% and a net margin of 19.12%. As a group, sell-side analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current 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 dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank's dividend payout ratio (DPR) 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.