33,600 Shares in Independent Bank Corp. (NASDAQ:INDB) Purchased by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. acquired a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 33,600 shares of the bank's stock, valued at approximately $2,157,000. Jefferies Financial Group Inc. owned approximately 0.08% of Independent Bank at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Principal Financial Group Inc. increased its stake in shares of Independent Bank by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock valued at $13,228,000 after purchasing an additional 5,792 shares in the last quarter. Stifel Financial Corp bought a new position in Independent Bank during the 4th quarter valued at approximately $266,000. Barclays PLC increased its position in Independent Bank by 75.0% during the 3rd quarter. Barclays PLC now owns 94,976 shares of the bank's stock valued at $5,616,000 after buying an additional 40,697 shares in the last quarter. Natixis Advisors LLC purchased a new position in Independent Bank during the fourth quarter valued at $722,000. Finally, Carl P. Sherr & Co. LLC boosted its holdings in Independent Bank by 65.6% in the fourth quarter. Carl P. Sherr & Co. LLC now owns 9,975 shares of the bank's stock worth $640,000 after acquiring an additional 3,950 shares in the last quarter. Institutional investors own 83.40% of the company's stock.

Independent Bank Stock Performance

Shares of INDB stock traded up $0.63 during trading hours on Thursday, reaching $62.13. The company had a trading volume of 223,855 shares, compared to its average volume of 291,816. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The business has a fifty day moving average price of $60.01 and a 200-day moving average price of $64.92. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23. The firm has a market cap of $2.65 billion, a PE ratio of 13.75 and a beta of 0.82.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its earnings results on Thursday, April 17th. The bank reported $1.06 EPS 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 the consensus estimate of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Sell-side analysts predict 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. Investors of record on Monday, March 31st were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.80%. 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. Independent Bank's dividend payout ratio is 53.15%.

Analyst Ratings Changes

INDB has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Piper Sandler decreased their target price on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Finally, Keefe, Bruyette & Woods cut their price target 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Independent Bank presently has an average rating of "Moderate Buy" and a consensus price target of $71.00.

About Independent Bank

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.