GW&K Investment Management LLC Has $21.64 Million Holdings in Independent Bank Corp. (NASDAQ:INDB)

GW&K Investment Management LLC decreased its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 3.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 345,453 shares of the bank's stock after selling 10,981 shares during the quarter. GW&K Investment Management LLC owned approximately 0.81% of Independent Bank worth $21,642,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after buying an additional 262 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Independent Bank by 4.1% during the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock worth $438,000 after buying an additional 267 shares during the period. Summit Investment Advisors Inc. boosted its holdings in shares of Independent Bank by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,441 shares of the bank's stock worth $285,000 after buying an additional 282 shares during the period. KBC Group NV boosted its holdings in shares of Independent Bank by 15.3% during the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock worth $138,000 after buying an additional 293 shares during the period. Finally, Barclays PLC boosted its holdings in shares of Independent Bank by 0.3% during the 4th quarter. Barclays PLC now owns 95,296 shares of the bank's stock worth $6,117,000 after buying an additional 320 shares during the period. Institutional investors and hedge funds own 83.40% of the company's stock.

Independent Bank Price Performance

Shares of Independent Bank stock traded down $1.23 during mid-day trading on Thursday, reaching $67.24. 120,117 shares of the stock were exchanged, compared to its average volume of 340,324. The company has a market cap of $2.87 billion, a price-to-earnings ratio of 15.18 and a beta of 0.84. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The firm has a 50-day simple moving average of $64.05 and a 200 day simple moving average of $63.50. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.05. The business had revenue of $181.80 million during the quarter, compared to analysts' expectations of $179.47 million. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. On average, sell-side analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank's payout ratio is presently 53.27%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on INDB shares. Wall Street Zen raised shares of Independent Bank from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a report on Monday, April 21st. Finally, Piper Sandler reduced their price target on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a report on Monday, April 21st.

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.