Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Boston Trust Walden Corp

Boston Trust Walden Corp lowered its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 1.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 598,734 shares of the bank's stock after selling 8,009 shares during the period. Boston Trust Walden Corp owned about 1.41% of Independent Bank worth $37,511,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Deprince Race & Zollo Inc. increased its holdings 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 buying an additional 827,793 shares in the last quarter. Norges Bank purchased a new position in shares of Independent Bank during the 4th quarter worth approximately $28,810,000. Russell Investments Group Ltd. increased its stake in shares of Independent Bank by 302.5% during the 4th quarter. Russell Investments Group Ltd. now owns 162,206 shares of the bank's stock worth $10,412,000 after purchasing an additional 121,906 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of Independent Bank by 681.3% during the 4th quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank's stock worth $6,511,000 after purchasing an additional 88,448 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in shares of Independent Bank by 58.8% during the 4th quarter. Fisher Asset Management LLC now owns 188,385 shares of the bank's stock worth $12,092,000 after purchasing an additional 69,753 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on INDB shares. Wall Street Zen cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. Keefe, Bruyette & Woods dropped their price objective on shares of 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 dropped their price objective on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $71.00.

Independent Bank Trading Up 2.6%

Shares of INDB traded up $1.57 during mid-day trading on Monday, reaching $62.63. The company had a trading volume of 354,167 shares, compared to its average volume of 291,047. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 14.11 and a beta of 0.84. The firm has a fifty day simple moving average of $61.28 and a 200-day simple moving average of $63.65. Independent Bank Corp. has a fifty-two week low of $46.06 and a fifty-two week high of $77.23. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.28.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing analysts' consensus estimates of $1.18 by ($0.12). The company had revenue of $178.04 million during the quarter, compared to analyst estimates of $175.03 million. Independent Bank had a net margin of 19.12% and a return on equity of 6.41%. On average, sell-side analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 7th. Shareholders of record on Monday, June 30th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.77%. Independent Bank's dividend payout ratio (DPR) is presently 53.15%.

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.