New York State Common Retirement Fund Raises Holdings in Independent Bank Corp. (NASDAQ:INDB)

New York State Common Retirement Fund boosted its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 10.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 111,615 shares of the bank's stock after acquiring an additional 10,184 shares during the quarter. New York State Common Retirement Fund owned 0.26% of Independent Bank worth $6,993,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its position in shares of Independent Bank by 1.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank's stock worth $148,835,000 after acquiring an additional 36,335 shares during the period. Deprince Race & Zollo Inc. raised its holdings in Independent Bank by 687.2% in the 4th quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank's stock worth $60,868,000 after purchasing an additional 827,793 shares during the period. American Century Companies Inc. boosted its position in Independent Bank by 10.9% during the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank's stock worth $30,128,000 after purchasing an additional 46,046 shares in the last quarter. Norges Bank acquired a new stake in Independent Bank in the fourth quarter valued at approximately $28,810,000. Finally, Invesco Ltd. increased its position in shares of Independent Bank by 9.3% in the fourth quarter. Invesco Ltd. now owns 444,703 shares of the bank's stock valued at $28,545,000 after buying an additional 37,941 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

INDB has been the topic of several research analyst reports. Keefe, Bruyette & Woods dropped 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 report on Monday, April 21st. Wall Street Zen upgraded Independent Bank from a "sell" rating to a "hold" rating in a report on Friday. Finally, Piper Sandler cut their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Three analysts have rated the stock with a hold rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $71.00.

Independent Bank Price Performance

INDB stock opened at $69.48 on Friday. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $77.23. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.28. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of 15.68 and a beta of 0.84. The business has a fifty day moving average of $63.83 and a two-hundred day moving average of $63.40.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.05. The company had revenue of $181.80 million for the quarter, compared to analysts' expectations of $179.47 million. Independent Bank had a return on equity of 6.43% and a net margin of 18.93%. As a group, research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank's dividend payout ratio is currently 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.

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