Public Sector Pension Investment Board Has $8.44 Million Position in Independent Bank Corp. $INDB

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 boosted its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 27.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,734 shares of the bank's stock after acquiring an additional 28,895 shares during the quarter. Public Sector Pension Investment Board owned 0.32% of Independent Bank worth $8,441,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in shares of Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock valued at $27,000 after purchasing an additional 262 shares in the last quarter. Sterling Capital Management LLC lifted its stake in Independent Bank by 810.2% in the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock valued at $86,000 after acquiring an additional 1,191 shares in the last quarter. KBC Group NV boosted its position in Independent Bank by 15.3% during the 1st quarter. KBC Group NV now owns 2,204 shares of the bank's stock worth $138,000 after acquiring an additional 293 shares during the last quarter. Xponance Inc. bought a new position in shares of Independent Bank during the 1st quarter worth approximately $203,000. Finally, Stifel Financial Corp bought a new position in shares of Independent Bank during the 4th quarter worth approximately $266,000. Institutional investors own 83.40% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Wall Street Zen raised shares of Independent Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. Piper Sandler cut their price target on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Finally, Keefe, Bruyette & Woods decreased 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 investment analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company. According to MarketBeat, Independent Bank presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank Stock Performance

INDB traded down $0.1130 during trading hours on Tuesday, reaching $66.7570. The company's stock had a trading volume of 41,619 shares, compared to its average volume of 343,633. The company's 50-day moving average is $65.00 and its 200-day moving average is $63.48. Independent Bank Corp. has a 52 week low of $52.15 and a 52 week high of $77.23. The firm has a market cap of $3.33 billion, a PE ratio of 15.06 and a beta of 0.87. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.20 by $0.05. The firm had revenue of $181.80 million for the quarter, compared to the consensus estimate of $179.47 million. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. On average, equities analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank's dividend 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.