GAMMA Investing LLC Raises Stock Position in Independent Bank Corp. (NASDAQ:INDB)

GAMMA Investing LLC raised its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 15,994.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,877 shares of the bank's stock after buying an additional 26,710 shares during the quarter. GAMMA Investing LLC owned about 0.06% of Independent Bank worth $16,840,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Principal Financial Group Inc. increased its stake in shares of Independent Bank by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock worth $13,228,000 after acquiring an additional 5,792 shares in the last quarter. Stifel Financial Corp purchased a new stake in Independent Bank in the fourth quarter worth about $266,000. Barclays PLC increased its stake in shares of Independent Bank by 75.0% during the third quarter. Barclays PLC now owns 94,976 shares of the bank's stock valued at $5,616,000 after purchasing an additional 40,697 shares in the last quarter. Natixis Advisors LLC purchased a new position in shares of Independent Bank during the fourth quarter valued at approximately $722,000. Finally, Carl P. Sherr & Co. LLC lifted its holdings in shares of Independent Bank by 65.6% during the fourth quarter. Carl P. Sherr & Co. LLC now owns 9,975 shares of the bank's stock valued at $640,000 after purchasing an additional 3,950 shares during the last quarter. Institutional investors own 83.40% of the company's stock.

Independent Bank Stock Up 3.1%

Shares of INDB traded up $1.92 on Friday, hitting $63.87. 303,002 shares of the stock traded hands, compared to its average volume of 294,535. The company has a market capitalization of $2.72 billion, a PE ratio of 14.13 and a beta of 0.84. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The business has a 50 day simple moving average of $59.77 and a 200 day simple moving average of $64.49. Independent Bank Corp. has a one year low of $45.11 and a one year 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 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.12). Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. The business had revenue of $178.04 million for the quarter, compared to analysts' expectations of $175.03 million. As a group, equities analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.70%. This is an increase from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date was Monday, March 31st. Independent Bank's dividend payout ratio (DPR) is presently 53.15%.

Analyst Ratings Changes

INDB has been the topic of several recent research reports. Keefe, Bruyette & Woods cut their price target on Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. Piper Sandler cut 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. Finally, Wall Street Zen lowered Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. One equities research 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, Independent Bank presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

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.