Occudo Quantitative Strategies LP cut its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 61.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,562 shares of the bank's stock after selling 5,640 shares during the period. Occudo Quantitative Strategies LP's holdings in Independent Bank were worth $229,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Venturi Wealth Management LLC bought a new stake in shares of Independent Bank during the fourth quarter worth $62,000. Smartleaf Asset Management LLC lifted its position in shares of Independent Bank by 105.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock worth $68,000 after purchasing an additional 542 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in Independent Bank by 810.2% during the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock worth $86,000 after purchasing an additional 1,191 shares during the last quarter. KBC Group NV grew its position in Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank's stock valued at $123,000 after purchasing an additional 490 shares in the last quarter. Finally, Relyea Zuckerberg Hanson LLC acquired a new stake in Independent Bank in the 4th quarter valued at $250,000. 83.40% of the stock is owned by institutional investors.
Independent Bank Stock Performance
Shares of INDB stock traded down $2.68 on Wednesday, reaching $61.45. The stock had a trading volume of 237,133 shares, compared to its average volume of 290,953. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 13.60 and a beta of 0.82. The firm's 50-day moving average is $60.34 and its two-hundred day moving average is $65.26. 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 (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.12). Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. The business had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. On average, research analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal 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 paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date was Monday, March 31st. This is a boost from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio is 53.15%.
Wall Street Analysts Forecast Growth
INDB has been the subject of a number of recent research reports. Raymond James restated a "strong-buy" rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Piper Sandler decreased their price target 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. StockNews.com cut Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. Finally, Keefe, Bruyette & Woods cut their price objective 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. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a strong buy rating to the company. According to data from MarketBeat, Independent Bank currently has an average rating of "Moderate Buy" and a consensus target price of $71.00.
View Our Latest Report on INDB
About Independent Bank
(
Free Report)
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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