Independent Bank Corp. $INDB Shares Purchased by Dean Capital Management

Key Points

• Dean Capital Management increased its stake in Independent Bank Corp. by 31.6% during Q1, owning 42,436 shares after acquiring an additional 10,195 shares.
• Independent Bank recently reported earnings of $1.25 per share for the quarter, exceeding analysts' expectations of $1.20, with a revenue of $181.80 million.
• The bank's dividend yield stands at 3.3%, with a recent quarterly dividend of $0.59 per share, highlighting its commitment to returning value to shareholders.

Dean Capital Management boosted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 31.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 42,436 shares of the bank's stock after purchasing an additional 10,195 shares during the period. Independent Bank makes up 1.2% of Dean Capital Management's investment portfolio, making the stock its 12th largest holding. Dean Capital Management owned about 0.10% of Independent Bank worth $2,659,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. HighTower Advisors LLC grew its position in Independent Bank by 3.3% during the 1st quarter. HighTower Advisors LLC now owns 7,049 shares of the bank's stock worth $442,000 after purchasing an additional 226 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Independent Bank by 3.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank's stock worth $414,000 after purchasing an additional 232 shares during the last quarter. GAMMA Investing LLC grew its position in Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after purchasing an additional 262 shares during the last quarter. KBC Group NV grew its position in Independent Bank by 15.3% during the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock worth $138,000 after purchasing an additional 293 shares during the last quarter. Finally, Isthmus Partners LLC grew its position in Independent Bank by 1.8% during the 1st quarter. Isthmus Partners LLC now owns 37,994 shares of the bank's stock worth $2,380,000 after purchasing an additional 681 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Stock Performance

Shares of INDB stock traded up $1.19 during mid-day trading on Friday, hitting $71.28. The stock had a trading volume of 433,358 shares, compared to its average volume of 251,276. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23. The firm has a market cap of $3.56 billion, a PE ratio of 16.09 and a beta of 0.91. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The company's 50-day simple moving average is $67.54 and its 200-day simple moving average is $63.69.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.20 by $0.05. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The firm had revenue of $181.80 million during the quarter, compared to analysts' expectations of $179.47 million. Sell-side analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were paid a $0.59 dividend. The ex-dividend date was Monday, June 30th. This represents a $2.36 annualized dividend and a dividend yield of 3.3%. Independent Bank's dividend payout ratio (DPR) is 53.27%.

Analysts Set New Price Targets

Several analysts have recently commented on INDB shares. Wall Street Zen upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Zacks Research cut shares of Independent Bank from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus 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.