Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by Focus Partners Wealth

Focus Partners Wealth lifted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 60.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,668 shares of the bank's stock after purchasing an additional 4,397 shares during the quarter. Focus Partners Wealth's holdings in Independent Bank were worth $749,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. Deutsche Bank AG raised its position in Independent Bank by 51.6% in the 4th quarter. Deutsche Bank AG now owns 37,276 shares of the bank's stock valued at $2,393,000 after purchasing an additional 12,687 shares in the last quarter. Deprince Race & Zollo Inc. raised its position in Independent Bank by 687.2% in the 4th quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank's stock valued at $60,868,000 after purchasing an additional 827,793 shares in the last quarter. Dean Capital Management raised its position in Independent Bank by 6.7% in the 4th quarter. Dean Capital Management now owns 32,241 shares of the bank's stock valued at $2,070,000 after purchasing an additional 2,012 shares in the last quarter. Bridgeway Capital Management LLC raised its position in Independent Bank by 3.6% in the 4th quarter. Bridgeway Capital Management LLC now owns 171,962 shares of the bank's stock valued at $11,038,000 after purchasing an additional 5,919 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its position in Independent Bank by 114.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 33,743 shares of the bank's stock valued at $2,166,000 after purchasing an additional 18,042 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on INDB. Keefe, Bruyette & Woods reduced 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. Wall Street Zen downgraded Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Finally, Piper Sandler dropped their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $71.00.

Independent Bank Stock Down 0.7%

Shares of INDB traded down $0.40 during mid-day trading on Friday, reaching $60.78. The company's stock had a trading volume of 230,801 shares, compared to its average volume of 291,562. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $77.23. The stock has a market cap of $2.59 billion, a PE ratio of 13.45 and a beta of 0.82. 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 company's 50 day moving average is $60.18 and its 200 day moving average is $65.16.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly 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). The firm had revenue of $178.04 million for the quarter, compared to analysts' expectations of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Equities analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal 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 paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date of this dividend was Monday, March 31st. This is an increase from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio (DPR) is currently 53.15%.

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.