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

Nuveen Asset Management LLC lowered its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 10.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 214,523 shares of the bank's stock after selling 24,705 shares during the quarter. Nuveen Asset Management LLC owned about 0.50% of Independent Bank worth $13,770,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in shares of Independent Bank by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock worth $13,228,000 after buying an additional 5,792 shares during the period. Stifel Financial Corp bought a new position in shares of Independent Bank in the fourth quarter worth about $266,000. Barclays PLC raised its stake in shares of Independent Bank by 75.0% in the third quarter. Barclays PLC now owns 94,976 shares of the bank's stock worth $5,616,000 after buying an additional 40,697 shares during the period. Natixis Advisors LLC bought a new position in shares of Independent Bank in the fourth quarter worth about $722,000. Finally, Carl P. Sherr & Co. LLC raised its stake in shares of Independent Bank by 65.6% in the fourth quarter. Carl P. Sherr & Co. LLC now owns 9,975 shares of the bank's stock worth $640,000 after buying an additional 3,950 shares during the period. Institutional investors own 83.40% of the company's stock.

Independent Bank Price Performance

NASDAQ INDB traded up $0.63 during trading on Thursday, hitting $62.13. 223,855 shares of the stock traded hands, compared to its average volume of 291,425. The company has a market capitalization of $2.65 billion, a P/E ratio of 13.75 and a beta of 0.82. The firm has a 50-day simple moving average of $60.07 and a 200-day simple moving average of $65.00. 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 Corp. has a 12-month low of $45.11 and a 12-month high of $77.23.

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). The company had revenue of $178.04 million during 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%. As a group, analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The business 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. This is a boost from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.80%. Independent Bank's payout ratio is 53.15%.

Analyst Upgrades and Downgrades

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

Independent Bank Company 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.