5,541 Shares in Independent Bank Corp. (NASDAQ:INDB) Bought by Independence Financial Advisors LLC

Key Points

• Independence Financial Advisors LLC acquired a new stake in Independent Bank Corp., purchasing 5,541 shares valued at approximately $347,000 in the first quarter of 2023.
• Independent Bank recently announced a quarterly dividend of $0.59 per share, which represents a yield of 3.64% and a payout ratio of 53.27%.
• The stock of Independent Bank Corp. is currently down 1.5%, with a market cap of $2.76 billion and a price-to-earnings ratio of 14.64.

Independence Financial Advisors LLC acquired a new stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,541 shares of the bank's stock, valued at approximately $347,000.

Several other large investors have also made changes to their positions in INDB. GAMMA Investing LLC increased its position in shares of Independent Bank by 156.9% during the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after purchasing an additional 262 shares in the last quarter. Sterling Capital Management LLC grew its holdings in Independent Bank by 810.2% in the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock valued at $86,000 after buying an additional 1,191 shares in the last quarter. KBC Group NV grew its holdings in Independent Bank by 15.3% in the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock valued at $138,000 after buying an additional 293 shares in the last quarter. Xponance Inc. purchased a new stake in Independent Bank in the 1st quarter valued at $203,000. Finally, Stifel Financial Corp purchased a new stake in Independent Bank in the 4th quarter valued at $266,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Independent Bank Stock Performance

Shares of INDB stock traded down $1.49 during midday trading on Friday, hitting $62.06. The company had a trading volume of 546,784 shares, compared to its average volume of 483,955. The company's 50 day simple moving average is $64.26 and its 200 day simple moving average is $63.63. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $77.23. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of 14.01 and a beta of 0.87. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.05. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. The company had revenue of $181.80 million for the quarter, compared to the consensus estimate of $179.47 million. Research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

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

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.