GAMMA Investing LLC Buys 26,710 Shares of Independent Bank Corp. (NASDAQ:INDB)

GAMMA Investing LLC lifted its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 15,994.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,877 shares of the bank's stock after acquiring an additional 26,710 shares during the period. GAMMA Investing LLC owned 0.06% of Independent Bank worth $16,840,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in shares of Independent Bank by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank's stock valued at $148,835,000 after acquiring an additional 36,335 shares during the last quarter. Deprince Race & Zollo Inc. grew its position in Independent Bank by 687.2% in the fourth quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank's stock valued at $60,868,000 after acquiring an additional 827,793 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Independent Bank by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank's stock worth $34,980,000 after buying an additional 21,289 shares during the period. American Century Companies Inc. boosted its holdings in Independent Bank by 10.9% in the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank's stock valued at $30,128,000 after purchasing an additional 46,046 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Independent Bank in the fourth quarter worth $28,810,000. Institutional investors and hedge funds own 83.40% of the company's stock.

Independent Bank Stock Up 1.3%

NASDAQ:INDB traded up $0.85 on Monday, hitting $64.72. 272,042 shares of the company's stock traded hands, compared to its average volume of 294,972. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The company has a market cap of $2.76 billion, a PE ratio of 14.32 and a beta of 0.84. The firm has a 50-day moving average price of $59.81 and a 200-day moving average price of $64.33.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $178.04 million for the quarter, compared to the consensus estimate of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. 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. Stockholders of record on Monday, March 31st were given a $0.59 dividend. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.65%. Independent Bank's dividend payout ratio (DPR) is currently 53.15%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Piper Sandler dropped their price target on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Keefe, Bruyette & Woods lowered 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 research note on Monday, April 21st. Finally, Wall Street Zen lowered shares of 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 given a hold rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Independent Bank currently has a consensus rating of "Moderate Buy" and an average price target of $71.00.

Independent Bank 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.