D. E. Shaw & Co. Inc. Sells 96,785 Shares of Independent Bank Corp. (NASDAQ:INDB)

D. E. Shaw & Co. Inc. reduced its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 83.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,521 shares of the bank's stock after selling 96,785 shares during the period. D. E. Shaw & Co. Inc.'s holdings in Independent Bank were worth $1,189,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in INDB. CIBC Asset Management Inc boosted its stake in Independent Bank by 3.9% during the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock valued at $270,000 after buying an additional 158 shares during the period. GHP Investment Advisors Inc. raised its holdings in shares of Independent Bank by 0.7% in the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock valued at $2,083,000 after acquiring an additional 236 shares in the last quarter. Isthmus Partners LLC boosted its position in shares of Independent Bank by 0.7% during the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock valued at $2,395,000 after acquiring an additional 245 shares during the last quarter. HighTower Advisors LLC grew its holdings in shares of Independent Bank by 4.1% during the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock worth $438,000 after purchasing an additional 267 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its holdings in shares of Independent Bank by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,441 shares of the bank's stock worth $285,000 after purchasing an additional 282 shares in the last quarter. Institutional investors own 83.40% of the company's stock.

Independent Bank Price Performance

NASDAQ INDB traded up $1.51 on Tuesday, reaching $62.29. 52,313 shares of the company's stock traded hands, compared to its average volume of 290,615. The stock has a market cap of $2.65 billion, a PE ratio of 13.78 and a beta of 0.82. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The stock has a 50-day simple moving average of $60.11 and a 200 day simple moving average of $65.04. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.12). Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. The business had revenue of $178.04 million for the quarter, compared to the consensus estimate of $175.03 million. As a group, research analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.79%. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Monday, March 31st. Independent Bank's dividend payout ratio (DPR) is presently 53.15%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Piper Sandler dropped their target price on shares of 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 shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Finally, Keefe, Bruyette & Woods cut their target price on shares of 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 research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average 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.