Focus Partners Wealth Raises Holdings in Independent Bank Corp. (NASDAQ:INDB)

Focus Partners Wealth lifted its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 60.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,668 shares of the bank's stock after buying 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 SEC filing.

Other institutional investors also recently modified their holdings of the company. Deprince Race & Zollo Inc. lifted its stake in shares of Independent Bank by 687.2% in the fourth quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank's stock worth $60,868,000 after buying an additional 827,793 shares in the last quarter. Norges Bank bought a new stake in Independent Bank during the 4th quarter worth approximately $28,810,000. Russell Investments Group Ltd. lifted its position in shares of Independent Bank by 302.5% in the fourth quarter. Russell Investments Group Ltd. now owns 162,206 shares of the bank's stock valued at $10,412,000 after acquiring an additional 121,906 shares in the last quarter. New York State Common Retirement Fund grew its holdings in Independent Bank by 681.3% during the 4th quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank's stock valued at $6,511,000 after buying an additional 88,448 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Independent Bank during the 4th quarter worth approximately $5,586,000. 83.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

INDB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods lowered their price target on 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. Wall Street Zen downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. Finally, Piper Sandler dropped their target price on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research note 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $71.00.

Independent Bank Trading Down 0.4%

Shares of INDB traded down $0.27 during midday trading on Thursday, reaching $61.18. The company had a trading volume of 465,282 shares, compared to its average volume of 291,945. 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 firm has a 50 day simple moving average of $60.29 and a 200-day simple moving average of $65.23. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The stock has a market cap of $2.61 billion, a PE ratio of 13.54 and a beta of 0.82.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 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 firm had revenue of $178.04 million for the quarter, compared to analyst estimates of $175.03 million. Research analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current fiscal 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 issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a yield of 3.86%. This is a boost from Independent Bank's previous quarterly dividend of $0.57. 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.