Millennium Management LLC Decreases Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Millennium Management LLC lowered its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 46.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,320 shares of the bank's stock after selling 118,222 shares during the period. Millennium Management LLC owned approximately 0.32% of Independent Bank worth $8,815,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of INDB. Venturi Wealth Management LLC purchased a new stake in Independent Bank during the 4th quarter valued at about $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 period. Sterling Capital Management LLC boosted its holdings in Independent Bank by 810.2% in the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock worth $86,000 after purchasing an additional 1,191 shares during the last quarter. KBC Group NV grew its position in Independent Bank by 34.5% in the 4th quarter. KBC Group NV now owns 1,911 shares of the bank's stock worth $123,000 after purchasing an additional 490 shares during the period. Finally, Cibc World Markets Corp purchased a new stake in Independent Bank during the 4th quarter valued at $255,000. Hedge funds and other institutional investors own 83.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Piper Sandler reduced their price objective 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. Wall Street Zen cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $71.00.

Independent Bank Price Performance

Shares of Independent Bank stock traded down $0.38 during trading on Friday, reaching $61.75. 34,460 shares of the stock traded hands, compared to its average volume of 305,723. 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 company has a market capitalization of $2.63 billion, a price-to-earnings ratio of 13.66 and a beta of 0.82. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23. The business has a fifty day simple moving average of $60.01 and a two-hundred day simple moving average of $64.92.

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

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were issued a $0.59 dividend. 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. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.82%. Independent Bank's payout ratio is 53.15%.

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.