Jane Street Group LLC Sells 56,559 Shares of Independent Bank Corp. (NASDAQ:INDB)

Jane Street Group LLC trimmed its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 91.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,599 shares of the bank's stock after selling 56,559 shares during the period. Jane Street Group LLC's holdings in Independent Bank were worth $359,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in INDB. Barclays PLC raised its stake in shares of Independent Bank by 75.0% in the 3rd quarter. Barclays PLC now owns 94,976 shares of the bank's stock valued at $5,616,000 after acquiring an additional 40,697 shares in the last quarter. KBC Group NV raised its stake in shares of Independent Bank by 34.5% in the 4th quarter. KBC Group NV now owns 1,911 shares of the bank's stock valued at $123,000 after acquiring an additional 490 shares in the last quarter. GHP Investment Advisors Inc. raised its stake in shares of Independent Bank by 0.7% in the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock valued at $2,083,000 after acquiring an additional 236 shares in the last quarter. Empowered Funds LLC raised its stake in shares of Independent Bank by 5.1% in the 4th quarter. Empowered Funds LLC now owns 123,208 shares of the bank's stock valued at $7,909,000 after acquiring an additional 5,985 shares in the last quarter. Finally, Polaris Capital Management LLC raised its stake in shares of Independent Bank by 123.5% in the 4th quarter. Polaris Capital Management LLC now owns 25,339 shares of the bank's stock valued at $1,627,000 after acquiring an additional 14,000 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. Piper Sandler dropped 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. Keefe, Bruyette & Woods dropped 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. Finally, Wall Street Zen downgraded 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $71.00.

Independent Bank Stock Performance

NASDAQ INDB traded up $0.60 during trading on Thursday, hitting $61.95. The company's stock had a trading volume of 349,548 shares, compared to its average volume of 293,696. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The firm has a 50 day moving average price of $59.75 and a 200 day moving average price of $64.54. The firm has a market cap of $2.64 billion, a P/E ratio of 13.71 and a beta of 0.82. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week 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 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.12). The business had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Equities research analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, March 31st. This is a boost from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.81%. Independent Bank's payout ratio is currently 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.