Legato Capital Management LLC Buys 6,459 Shares of Independent Bank Corp. (NASDAQ:INDB)

Legato Capital Management LLC increased its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 31.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,733 shares of the bank's stock after acquiring an additional 6,459 shares during the quarter. Legato Capital Management LLC owned approximately 0.06% of Independent Bank worth $1,675,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of INDB. Raymond James Financial Inc. purchased a new stake in Independent Bank in the fourth quarter worth $1,646,000. HighTower Advisors LLC grew its position in shares of Independent Bank by 4.1% in the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock valued at $438,000 after purchasing an additional 267 shares in the last quarter. Swiss National Bank grew its position in shares of Independent Bank by 0.8% in the fourth quarter. Swiss National Bank now owns 83,578 shares of the bank's stock valued at $5,365,000 after purchasing an additional 700 shares in the last quarter. Natixis Advisors LLC purchased a new position in Independent Bank during the fourth quarter worth about $722,000. Finally, Cibc World Markets Corp purchased a new position in Independent Bank during the fourth quarter worth about $255,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on INDB. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a report on Monday, April 21st. Piper Sandler decreased their target price on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. Finally, Wall Street Zen raised Independent Bank from a "sell" rating to a "hold" rating in a research report on Friday, July 18th.

Independent Bank Stock Down 0.6%

Shares of Independent Bank stock traded down $0.40 during midday trading on Friday, hitting $66.24. The company had a trading volume of 319,782 shares, compared to its average volume of 340,811. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $2.82 billion, a P/E ratio of 14.95 and a beta of 0.84. The company has a 50 day moving average of $64.09 and a 200 day moving average of $63.52. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its earnings results on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.20 by $0.05. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. The business had revenue of $181.80 million for the quarter, compared to the consensus estimate of $179.47 million. On average, equities analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were issued a dividend of $0.59 per share. The ex-dividend date was Monday, June 30th. This represents a $2.36 annualized dividend and a dividend yield of 3.56%. Independent Bank's payout ratio is 53.27%.

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.