Nuveen Asset Management LLC Sells 24,705 Shares of Independent Bank Corp. (NASDAQ:INDB)

Nuveen Asset Management LLC lessened its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 10.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 214,523 shares of the bank's stock after selling 24,705 shares during the period. Nuveen Asset Management LLC owned 0.50% of Independent Bank worth $13,770,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Independent Bank by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 24,162 shares of the bank's stock valued at $1,551,000 after buying an additional 932 shares in the last quarter. Jefferies Financial Group Inc. purchased a new stake in shares of Independent Bank during the fourth quarter worth $2,157,000. Focus Partners Wealth lifted its position in shares of 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 acquiring an additional 4,397 shares in the last quarter. Deutsche Bank AG lifted its position in shares of 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 acquiring an additional 12,687 shares in the last quarter. Finally, Deprince Race & Zollo Inc. increased its holdings in shares of Independent Bank by 687.2% in the fourth 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. Institutional investors and hedge funds own 83.40% of the company's stock.

Independent Bank Stock Down 0.7%

Shares of INDB stock traded down $0.46 during trading on Friday, reaching $61.67. The company's stock had a trading volume of 244,469 shares, compared to its average volume of 292,570. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of 13.64 and a beta of 0.82. The stock's 50-day moving average price is $59.94 and its 200 day moving average price is $64.78.

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

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were issued a $0.59 dividend. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date was Monday, March 31st. This represents a $2.36 annualized dividend and a yield of 3.83%. Independent Bank's dividend payout ratio (DPR) is presently 53.15%.

Wall Street Analyst Weigh In

Several brokerages have commented on INDB. 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 for the company in a report on Monday, April 21st. Finally, Keefe, Bruyette & Woods decreased 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. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Independent Bank has a consensus rating of "Moderate Buy" and a consensus target price 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.