Howland Capital Management LLC Has $3.15 Million Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Key Points

• Howland Capital Management LLC has decreased its stake in Independent Bank Corp. by 33.0%, now holding 49,800 shares worth approximately $3,149,000.
• Independent Bank's stock has seen price target reductions from several analysts, with Piper Sandler lowering it from $74.00 to $63.00 and Keefe, Bruyette & Woods dropping it from $80.00 to $72.00.
• The bank recently announced a quarterly dividend of $0.59 per share, yielding 3.7% annually, with a payout ratio of 53.27%.

Howland Capital Management LLC trimmed its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 33.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,800 shares of the bank's stock after selling 24,500 shares during the quarter. Howland Capital Management LLC owned approximately 0.12% of Independent Bank worth $3,149,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. GAMMA Investing LLC grew its stake in Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock valued at $27,000 after purchasing an additional 262 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake 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 acquiring an additional 282 shares during the period. KBC Group NV boosted its stake 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 acquiring an additional 293 shares during the period. Barclays PLC boosted its stake 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 acquiring an additional 320 shares during the period. Finally, Isthmus Partners LLC boosted its stake in shares of Independent Bank by 1.8% during the 1st quarter. Isthmus Partners LLC now owns 37,994 shares of the bank's stock worth $2,380,000 after acquiring an additional 681 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on INDB shares. Wall Street Zen downgraded Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday. Keefe, Bruyette & Woods reduced their target price on Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Finally, Piper Sandler reduced their target price on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research note on Monday, April 21st.

Independent Bank Stock Performance

NASDAQ:INDB traded down $1.49 during mid-day trading on Friday, hitting $62.06. 546,784 shares of the stock were exchanged, compared to its average volume of 483,955. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of 14.01 and a beta of 0.87. The firm's 50-day simple moving average is $64.29 and its 200 day simple moving average is $63.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. 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 released its quarterly earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 6.39% and a net margin of 18.93%. As a group, equities analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were issued a $0.59 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 annualized dividend and a yield of 3.8%. Independent Bank's payout ratio is currently 53.27%.

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.