Nuveen LLC Makes New $13.41 Million Investment in Independent Bank Corp. $INDB

Key Points

• Nuveen LLC acquired a new stake in Independent Bank Corp., purchasing 214,107 shares valued at approximately $13.4 million, bringing its ownership to 0.5% as per a recent SEC filing.
• Institutional investors collectively own 83.4% of Independent Bank's stock, with notable increases from firms like Charles Schwab and Vanguard during the first quarter.
• The bank's quarterly earnings report exceeded expectations, with earnings per share of $1.25, surpassing the consensus estimate of $1.20.

Nuveen LLC bought a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 214,107 shares of the bank's stock, valued at approximately $13,414,000. Nuveen LLC owned about 0.50% of Independent Bank at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of INDB. Principal Financial Group Inc. boosted its stake in Independent Bank by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 211,600 shares of the bank's stock worth $13,257,000 after acquiring an additional 5,521 shares during the last quarter. KBC Group NV raised its holdings in Independent Bank by 15.3% in the first quarter. KBC Group NV now owns 2,204 shares of the bank's stock worth $138,000 after purchasing an additional 293 shares during the period. GAMMA Investing LLC raised its holdings in shares of Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock valued at $27,000 after purchasing an additional 262 shares during the last quarter. New York State Teachers Retirement System lifted its position in shares of Independent Bank by 3.2% in the first quarter. New York State Teachers Retirement System now owns 35,706 shares of the bank's stock worth $2,237,000 after purchasing an additional 1,121 shares in the last quarter. Finally, Independence Financial Advisors LLC acquired a new position in Independent Bank during the first quarter worth $347,000. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Performance

NASDAQ INDB traded up $0.53 during trading on Wednesday, reaching $71.84. 20,692 shares of the company's stock were exchanged, compared to its average volume of 340,770. 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 business has a 50 day moving average price of $65.60 and a 200-day moving average price of $63.53. The stock has a market capitalization of $3.59 billion, a P/E ratio of 16.23 and a beta of 0.87. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.05. The company 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%. Sell-side analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Monday, June 30th. Independent Bank's payout ratio is currently 53.27%.

Analyst Ratings Changes

INDB has been the topic of several recent research reports. Wall Street Zen upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Zacks Research downgraded Independent Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Independent Bank presently has a consensus rating of "Moderate Buy" and an average 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.