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

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

A number of other institutional investors also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Independent Bank by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,162 shares of the bank's stock worth $1,551,000 after purchasing an additional 932 shares during the period. Jefferies Financial Group Inc. purchased a new position in Independent Bank during the fourth quarter worth about $2,157,000. Focus Partners Wealth raised its stake in Independent Bank by 60.5% during the fourth quarter. Focus Partners Wealth now owns 11,668 shares of the bank's stock worth $749,000 after purchasing an additional 4,397 shares during the period. Deutsche Bank AG raised its stake in Independent Bank by 51.6% during the fourth quarter. Deutsche Bank AG now owns 37,276 shares of the bank's stock worth $2,393,000 after purchasing an additional 12,687 shares during the period. Finally, Deprince Race & Zollo Inc. raised its stake in shares of Independent Bank by 687.2% in the 4th quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank's stock valued at $60,868,000 after acquiring an additional 827,793 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Trading Down 0.7%

Shares of INDB stock opened at $60.78 on Monday. 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 stock has a market capitalization of $2.59 billion, a P/E ratio of 13.45 and a beta of 0.82. The company has a 50 day moving average price of $60.18 and a 200 day moving average price of $65.12. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23.

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

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were issued a $0.59 dividend. The ex-dividend date was Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.88%. This is a boost from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's payout ratio is 53.15%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on INDB. Wall Street Zen downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. Keefe, Bruyette & Woods reduced 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 research note on Monday, April 21st. Finally, Piper Sandler reduced their price target 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. One investment 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. According to MarketBeat.com, Independent Bank currently has a consensus 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.

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