Victory Capital Management Inc. Cuts Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Victory Capital Management Inc. trimmed its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 1.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 887,272 shares of the bank's stock after selling 14,818 shares during the quarter. Victory Capital Management Inc. owned approximately 2.08% of Independent Bank worth $55,588,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in 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 purchasing an additional 262 shares during the last quarter. HighTower Advisors LLC increased its stake in Independent Bank by 4.1% during the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock worth $438,000 after purchasing an additional 267 shares during the period. Summit Investment Advisors Inc. increased its stake in shares of Independent Bank by 6.8% during the fourth 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 increased its stake in shares of Independent Bank by 15.3% during the first 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% in the fourth quarter. Barclays PLC now owns 95,296 shares of the bank's stock valued at $6,117,000 after acquiring an additional 320 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Keefe, Bruyette & Woods dropped their price target on Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. Piper Sandler reduced their price target on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Finally, Wall Street Zen upgraded Independent Bank from a "sell" rating to a "hold" rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating and two have assigned 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 Stock Performance

Independent Bank stock traded up $3.79 during trading hours on Friday, hitting $69.48. The stock had a trading volume of 934,092 shares, compared to its average volume of 305,473. The company has a 50-day moving average of $63.83 and a two-hundred day moving average of $63.40. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.28. The company has a market cap of $2.96 billion, a PE ratio of 15.68 and a beta of 0.84. 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 posted its 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. Independent Bank had a return on equity of 6.43% and a net margin of 18.93%. The firm had revenue of $181.80 million for the quarter, compared to analyst estimates of $179.47 million. On average, equities research analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 annualized dividend and a dividend yield of 3.40%. Independent Bank's dividend payout ratio is presently 53.15%.

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.