Persistent Asset Partners Ltd Takes $337,000 Position in Independent Bank Corp. (NASDAQ:INDB)

Key Points

• Persistent Asset Partners Ltd acquired a new stake in Independent Bank Corp. worth approximately $337,000 during the 1st quarter, purchasing 5,382 shares.
• Institutional investors own approximately 83.40% of Independent Bank, with several funds significantly increasing their holdings recently.
• Independent Bank announced a quarterly dividend of $0.59 per share, representing an annual yield of 3.7% with a payout ratio of 53.27%.

Persistent Asset Partners Ltd acquired a new stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 5,382 shares of the bank's stock, valued at approximately $337,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of INDB. GAMMA Investing LLC raised its position in Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after acquiring an additional 262 shares in the last quarter. Sterling Capital Management LLC raised its holdings in shares of 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 during the period. KBC Group NV increased its holdings in shares of Independent Bank by 15.3% in the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock valued at $138,000 after acquiring an additional 293 shares during the last quarter. Xponance Inc. acquired a new position in Independent Bank during the 1st quarter valued at approximately $203,000. Finally, Stifel Financial Corp acquired a new position in Independent Bank during the 4th quarter worth $266,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Piper Sandler cut their target price on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Wall Street Zen upgraded Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday. Finally, Keefe, Bruyette & Woods lowered their target price 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.

Independent Bank Price Performance

Shares of INDB stock opened at $64.34 on Tuesday. The stock has a 50 day moving average of $64.56 and a two-hundred day moving average of $63.48. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $77.23. The company has a market capitalization of $3.21 billion, a P/E ratio of 14.52 and a beta of 0.87.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.05. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. The firm had revenue of $181.80 million for the quarter, compared to analyst estimates of $179.47 million. As a group, equities analysts expect that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were given a $0.59 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.7%. Independent Bank's payout ratio is currently 53.27%.

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.

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