Man Group plc Trims Position in Independent Bank Corp. (NASDAQ:INDB)

Man Group plc decreased its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 41.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,538 shares of the bank's stock after selling 6,891 shares during the quarter. Man Group plc's holdings in Independent Bank were worth $612,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Venturi Wealth Management LLC bought a new position in Independent Bank during the fourth quarter valued at $62,000. Smartleaf Asset Management LLC lifted its position in Independent Bank by 105.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock valued at $68,000 after purchasing an additional 542 shares during the last quarter. Sterling Capital Management LLC lifted its position in Independent Bank by 810.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock valued at $86,000 after purchasing an additional 1,191 shares during the last quarter. KBC Group NV lifted its position in Independent Bank by 34.5% during the fourth quarter. KBC Group NV now owns 1,911 shares of the bank's stock valued at $123,000 after purchasing an additional 490 shares during the last quarter. Finally, Cibc World Markets Corp bought a new position in Independent Bank during the fourth quarter valued at $255,000. Institutional investors own 83.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on INDB shares. Wall Street Zen lowered shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Piper Sandler reduced their target price on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank Trading Down 1.5%

Shares of INDB traded down $0.93 during midday trading on Wednesday, hitting $61.50. The stock had a trading volume of 266,635 shares, compared to its average volume of 291,067. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The firm has a market cap of $2.62 billion, a PE ratio of 13.61 and a beta of 0.82. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The stock's 50 day moving average is $60.07 and its 200 day moving average is $65.00.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.12). The firm had revenue of $178.04 million during the quarter, compared to analysts' expectations of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.84%. The ex-dividend date of this dividend was Monday, March 31st. This is an increase from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio (DPR) 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.