Man Group plc trimmed its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 41.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently made changes to their positions in the company. CIBC Asset Management Inc boosted its position in Independent Bank by 3.9% in the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock worth $270,000 after purchasing an additional 158 shares during the last quarter. GHP Investment Advisors Inc. lifted its holdings in Independent Bank by 0.7% in the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock worth $2,083,000 after purchasing an additional 236 shares in the last quarter. Isthmus Partners LLC boosted its position in shares of Independent Bank by 0.7% during the fourth quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock worth $2,395,000 after acquiring an additional 245 shares during the last quarter. HighTower Advisors LLC boosted its holdings in shares of Independent Bank by 4.1% during the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock valued at $438,000 after purchasing an additional 267 shares during the last quarter. Finally, Summit Investment Advisors Inc. boosted its stake in Independent Bank by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,441 shares of the bank's stock valued at $285,000 after buying an additional 282 shares during the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.
Independent Bank Price Performance
Shares of Independent Bank stock traded down $0.39 during mid-day trading on Friday, reaching $61.74. 34,460 shares of the stock traded hands, compared to its average volume of 305,723. The stock has a market capitalization of $2.63 billion, a PE ratio of 13.66 and a beta of 0.82. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The business has a 50-day moving average of $60.01 and a 200 day moving average of $64.92. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23.
Independent Bank (NASDAQ:INDB - Get Free Report) last announced 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). Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. The firm had revenue of $178.04 million for the quarter, compared to analysts' expectations of $175.03 million. On average, analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.
Independent Bank Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were given 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 3.82%. This is a boost from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio (DPR) is currently 53.15%.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Piper Sandler dropped their target price on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Finally, Keefe, Bruyette & Woods cut their price target on 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 investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $71.00.
Check Out Our Latest Stock Analysis on INDB
About Independent Bank
(
Free Report)
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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