Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in Independent Bank Corp. by 27.3%, owning approximately 134,734 shares valued at $8.44 million as of its latest SEC filing.
• Independent Bank reported an EPS of $1.25 for the last quarter, surpassing analysts' expectations, with revenues totaling $181.80 million.
• The bank declared a quarterly dividend of $0.59, representing an annualized yield of 3.6%, with a payout ratio of 53.27%.

Public Sector Pension Investment Board lifted its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 27.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 134,734 shares of the bank's stock after purchasing an additional 28,895 shares during the period. Public Sector Pension Investment Board owned about 0.32% of Independent Bank worth $8,441,000 at the end of the most recent quarter.

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

Independent Bank Stock Down 2.8%

Shares of NASDAQ INDB traded down $1.92 during trading hours on Friday, hitting $66.08. 452,386 shares of the stock were exchanged, compared to its average volume of 413,439. The company has a quick ratio of 0.96, a current 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 cap of $3.30 billion, a PE ratio of 14.92 and a beta of 0.87. The firm has a fifty day moving average price of $64.96 and a 200-day moving average price of $63.51.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings results 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. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The business had revenue of $181.80 million for the quarter, compared to analyst estimates of $179.47 million. On average, sell-side analysts expect that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were paid a dividend of $0.59 per share. The ex-dividend date was Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a yield of 3.6%. Independent Bank's dividend payout ratio is presently 53.27%.

Analyst Ratings Changes

Several research analysts recently commented on INDB shares. Keefe, Bruyette & Woods reduced their price objective 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 upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Finally, Piper Sandler reduced their price objective on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research note on Monday, April 21st.

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.