Boston Trust Walden Corp Has $37.51 Million Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Boston Trust Walden Corp cut its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 1.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 598,734 shares of the bank's stock after selling 8,009 shares during the quarter. Boston Trust Walden Corp owned 1.41% of Independent Bank worth $37,511,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. GAMMA Investing LLC lifted its holdings in 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 acquiring an additional 262 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in shares of Independent Bank during the fourth quarter worth about $62,000. Smartleaf Asset Management LLC lifted its holdings in shares of Independent Bank by 105.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock valued at $68,000 after purchasing an additional 542 shares in the last quarter. Sterling Capital Management LLC grew its position in shares of 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 purchasing an additional 1,191 shares during the period. Finally, Cibc World Markets Corp acquired a new position in shares of Independent Bank in the 4th quarter valued at approximately $255,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Down 0.3%

Independent Bank stock traded down $0.20 during midday trading on Friday, reaching $61.06. The stock had a trading volume of 920,469 shares, compared to its average volume of 294,108. The stock has a market capitalization of $2.60 billion, a P/E ratio of 13.75 and a beta of 0.84. The firm's fifty day simple moving average is $61.11 and its 200-day simple moving average is $63.83. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings results 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 return on equity of 6.41% and a net margin of 19.12%. As a group, analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 7th. Shareholders of record on Monday, June 30th will be paid a $0.59 dividend. The ex-dividend date is Monday, June 30th. This represents a $2.36 annualized dividend and a yield of 3.87%. Independent Bank's payout ratio is currently 53.15%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Piper Sandler dropped their target price on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Keefe, Bruyette & Woods dropped 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 report on Monday, April 21st. Finally, Wall Street Zen cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. One 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. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $71.00.

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.