Deutsche Bank AG Boosts Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Deutsche Bank AG increased its position in shares of 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 Securities and Exchange Commission. The fund owned 37,276 shares of the bank's stock after acquiring an additional 12,687 shares during the quarter. Deutsche Bank AG owned approximately 0.09% of Independent Bank worth $2,393,000 as of its most recent filing with the Securities and Exchange Commission.

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

Independent Bank Stock Up 2.5%

Independent Bank stock traded up $1.51 during mid-day trading on Tuesday, reaching $62.29. 52,313 shares of the company's stock were exchanged, compared to its average volume of 290,615. The company has a fifty day moving average of $60.11 and a 200-day moving average of $65.04. The company has a market cap of $2.65 billion, a P/E ratio of 13.78 and a beta of 0.82. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. 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 issued its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.12). The firm had revenue of $178.04 million during the quarter, compared to analyst estimates of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Sell-side analysts expect that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.79%. The ex-dividend date was Monday, March 31st. This is an increase from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio is currently 53.15%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on INDB. Piper Sandler lowered their price target on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. Finally, Wall Street Zen cut Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.