Dean Capital Management Raises Stake in Independent Bank Corp. $INDB

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 position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 31.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 42,436 shares of the bank's stock after buying an additional 10,195 shares during the period. Independent Bank makes up approximately 1.2% of Dean Capital Management's investment portfolio, making the stock its 12th largest holding. Dean Capital Management owned 0.10% of Independent Bank worth $2,659,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Independent Bank by 2.3% in the first quarter. Vanguard Group Inc. now owns 5,134,903 shares of the bank's stock valued at $321,702,000 after buying an additional 116,820 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Independent Bank by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,339,253 shares of the bank's stock worth $146,554,000 after purchasing an additional 20,603 shares during the period. Alliancebernstein L.P. grew its stake in shares of Independent Bank by 910.4% during the 1st quarter. Alliancebernstein L.P. now owns 1,078,311 shares of the bank's stock worth $67,556,000 after purchasing an additional 971,587 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Independent Bank by 2.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank's stock worth $37,584,000 after purchasing an additional 11,714 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Independent Bank by 0.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 549,547 shares of the bank's stock worth $34,429,000 after purchasing an additional 4,599 shares during the period. Hedge funds and other institutional investors own 83.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on INDB shares. Wall Street Zen raised 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 investment analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $71.00.

Independent Bank Trading Down 0.1%

Shares of NASDAQ:INDB opened at $71.00 on Tuesday. Independent Bank Corp. has a 1 year low of $52.15 and a 1 year high of $77.23. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 16.03 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 business's 50 day moving average price is $67.23 and its 200-day moving average price is $63.63.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.05. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%.The firm had revenue of $181.80 million for the quarter, compared to analyst estimates of $179.47 million. On average, equities research analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

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

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.

Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp. (NASDAQ:INDB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.