Deutsche Bank AG Has $2.39 Million Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Deutsche Bank AG raised its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 51.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 37,276 shares of the bank's stock after buying an additional 12,687 shares during the quarter. Deutsche Bank AG owned 0.09% of Independent Bank worth $2,393,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC acquired a new stake in shares of Independent Bank during the 4th quarter valued at $62,000. Smartleaf Asset Management LLC raised its holdings in shares of Independent Bank by 105.4% during 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 in the last quarter. Sterling Capital Management LLC grew its stake in Independent Bank by 810.2% in the fourth 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 grew its stake in Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank's stock valued at $123,000 after purchasing an additional 490 shares in the last quarter. Finally, Cibc World Markets Corp purchased a new position in Independent Bank in the fourth quarter valued at about $255,000. Hedge funds and other institutional investors own 83.40% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on INDB. Wall Street Zen lowered Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Piper Sandler cut their price objective on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Finally, Keefe, Bruyette & Woods decreased 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 investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $71.00.

Independent Bank Stock Down 0.9%

Shares of NASDAQ:INDB traded down $0.55 on Wednesday, reaching $61.88. The company had a trading volume of 16,293 shares, compared to its average volume of 306,745. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $2.64 billion, a P/E ratio of 13.69 and a beta of 0.82. The stock has a 50-day moving average price of $60.10 and a 200 day moving average price of $65.02. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced 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 return on equity of 6.57% and a net margin of 19.58%. The company had revenue of $178.04 million for the quarter, compared to the consensus estimate of $175.03 million. On average, equities analysts expect that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, March 31st. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a yield of 3.81%. Independent Bank's dividend payout ratio (DPR) is presently 53.15%.

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.