ProShare Advisors LLC Reduces Stock Position in Independent Bank Corp. (NASDAQ:INDB)

ProShare Advisors LLC lowered its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 4.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 119,937 shares of the bank's stock after selling 4,968 shares during the quarter. ProShare Advisors LLC owned about 0.28% of Independent Bank worth $7,699,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in INDB. Venturi Wealth Management LLC purchased a new stake in Independent Bank in the 4th quarter worth approximately $62,000. Smartleaf Asset Management LLC boosted 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 during the period. Sterling Capital Management LLC increased its stake in shares of Independent Bank by 810.2% in 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 in the last quarter. KBC Group NV raised its position in shares of Independent Bank by 34.5% during the 4th quarter. KBC Group NV now owns 1,911 shares of the bank's stock valued at $123,000 after purchasing an additional 490 shares during the period. Finally, Relyea Zuckerberg Hanson LLC bought a new stake in shares of Independent Bank during the 4th quarter valued at $250,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Price Performance

INDB stock traded down $2.68 during mid-day trading on Wednesday, hitting $61.45. The company had a trading volume of 237,133 shares, compared to its average volume of 290,953. The company has a 50-day moving average price of $60.29 and a 200 day moving average price of $65.23. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $77.23. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 13.60 and a beta of 0.82. 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 issued its 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 return on equity of 6.57% and a net margin of 19.58%. The firm had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. On average, research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 3.84%. 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. Independent Bank's dividend payout ratio is 53.15%.

Analysts Set New Price Targets

Several research analysts recently weighed in on INDB shares. StockNews.com downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Raymond James reiterated a "strong-buy" rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods decreased 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. Finally, Piper Sandler dropped 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $71.00.

Independent Bank 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.