Nuance Investments LLC Sells 37,699 Shares of Independent Bank Corp. (NASDAQ:INDB)

Key Points

• Nuance Investments LLC sold 37,699 shares of Independent Bank Corp., reducing its stake by 36.8% to approximately 64,800 shares, valued at $4.06 million by the end of Q1.
• Public Sector Pension Investment Board and other institutional investors have increased their holdings in Independent Bank, with Public Sector rising by 27.3% to own 134,734 shares valued at $8.44 million.
• Independent Bank reported earnings of $1.25 per share for the last quarter, exceeding analysts' expectations, and recently announced a quarterly dividend of $0.59, resulting in an annualized yield of 3.7%.

Nuance Investments LLC lessened its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 36.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,800 shares of the bank's stock after selling 37,699 shares during the quarter. Nuance Investments LLC owned about 0.15% of Independent Bank worth $4,060,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock valued at $27,000 after buying an additional 262 shares in the last quarter. Sterling Capital Management LLC grew its holdings in Independent Bank by 810.2% during the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock valued at $86,000 after buying an additional 1,191 shares in the last quarter. KBC Group NV grew its holdings in Independent Bank by 15.3% during the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock valued at $138,000 after buying an additional 293 shares in the last quarter. Xponance Inc. purchased a new position in Independent Bank during the 1st quarter valued at approximately $203,000. Finally, Stifel Financial Corp purchased a new position in Independent Bank during the 4th quarter valued at approximately $266,000. Hedge funds and other institutional investors own 83.40% of the company's stock.

Independent Bank Trading Up 1.4%

Shares of Independent Bank stock traded up $0.96 on Wednesday, reaching $67.86. The company had a trading volume of 335,181 shares, compared to its average volume of 415,871. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 15.32 and a beta of 0.87. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The firm's 50-day moving average price is $64.79 and its two-hundred day moving average price is $63.53. Independent Bank Corp. has a 1 year low of $52.15 and a 1 year high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its 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 firm had revenue of $181.80 million during the quarter, compared to analysts' expectations of $179.47 million. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. As a group, research analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank's dividend payout ratio (DPR) is currently 53.27%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods cut their price target on Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a report on Monday, April 21st. Piper Sandler dropped their target price on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Finally, Wall Street Zen upgraded Independent Bank from a "sell" rating to a "hold" rating in a report on Sunday.

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.