D. E. Shaw & Co. Inc. Reduces Stock Position in Independent Bank Corp. (NASDAQ:INDB)

D. E. Shaw & Co. Inc. lessened its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 83.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,521 shares of the bank's stock after selling 96,785 shares during the quarter. D. E. Shaw & Co. Inc.'s holdings in Independent Bank were worth $1,189,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Venturi Wealth Management LLC acquired a new position in Independent Bank during the 4th quarter worth $62,000. Smartleaf Asset Management LLC grew its stake in shares of Independent Bank by 105.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock worth $68,000 after acquiring an additional 542 shares during the last quarter. Sterling Capital Management LLC increased 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 worth $86,000 after purchasing an additional 1,191 shares during the period. KBC Group NV grew its position in 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 in the last quarter. Finally, Cibc World Markets Corp bought a new position in Independent Bank during the fourth quarter valued at about $255,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Performance

INDB stock traded down $0.68 during midday trading on Wednesday, reaching $61.76. 16,293 shares of the company were exchanged, compared to its average volume of 290,093. The business has a 50-day moving average price of $60.10 and a two-hundred day moving average price of $65.02. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of 13.69 and a beta of 0.82. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $175.03 million. Equities research analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were issued a dividend of $0.59 per share. The ex-dividend date was Monday, March 31st. This is a boost from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a yield of 3.82%. Independent Bank's payout ratio is 53.15%.

Wall Street Analyst Weigh In

A number of research analysts have commented on INDB shares. Wall Street Zen cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. Keefe, Bruyette & Woods lowered their price target 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. Finally, Piper Sandler dropped their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. One equities 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's stock. According to MarketBeat, Independent Bank currently has an average rating of "Moderate Buy" and an average target price 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.