Principal Financial Group Inc. Raises Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Principal Financial Group Inc. raised its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 211,600 shares of the bank's stock after acquiring an additional 5,521 shares during the quarter. Principal Financial Group Inc. owned approximately 0.50% of Independent Bank worth $13,257,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Deprince Race & Zollo Inc. increased its position in Independent Bank by 687.2% during the fourth quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank's stock worth $60,868,000 after buying an additional 827,793 shares during the last quarter. Norges Bank acquired a new stake in shares of Independent Bank in the fourth quarter valued at about $28,810,000. Russell Investments Group Ltd. grew its position in shares of Independent Bank by 302.5% in the fourth quarter. Russell Investments Group Ltd. now owns 162,206 shares of the bank's stock valued at $10,412,000 after purchasing an additional 121,906 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Independent Bank in the fourth quarter valued at about $3,207,000. Finally, American Century Companies Inc. lifted its stake in shares of Independent Bank by 10.9% in the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank's stock valued at $30,128,000 after buying an additional 46,046 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Performance

Shares of NASDAQ:INDB traded up $0.01 on Wednesday, reaching $64.15. 369,039 shares of the company's stock were exchanged, compared to its average volume of 305,002. The company has a fifty day moving average of $63.53 and a 200-day moving average of $63.35. Independent Bank Corp. has a twelve month low of $52.15 and a twelve month high of $77.23. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of 14.45 and a beta of 0.84.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings results 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 19.12% and a return on equity of 6.41%. The business had revenue of $178.04 million for the quarter, compared to the consensus estimate of $175.03 million. On average, research analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank's dividend payout ratio (DPR) is 53.15%.

Analysts Set New Price Targets

A number of research analysts have commented on INDB shares. Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Wall Street Zen cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. Finally, Piper Sandler lowered their price target 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. 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's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average 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.