Squarepoint Ops LLC Buys Shares of 49,961 Independent Bank Corp. (NASDAQ:INDB)

Squarepoint Ops LLC acquired a new position in Independent Bank Corp. (NASDAQ:INDB - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 49,961 shares of the bank's stock, valued at approximately $3,207,000. Squarepoint Ops LLC owned 0.12% of Independent Bank as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Principal Financial Group Inc. grew its holdings in Independent Bank by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock valued at $13,228,000 after buying an additional 5,792 shares in the last quarter. Stifel Financial Corp purchased a new position in shares of Independent Bank in the fourth quarter valued at $266,000. Barclays PLC grew its holdings in shares of Independent Bank by 75.0% in the third quarter. Barclays PLC now owns 94,976 shares of the bank's stock valued at $5,616,000 after purchasing an additional 40,697 shares in the last quarter. Natixis Advisors LLC purchased a new position in shares of Independent Bank in the fourth quarter valued at $722,000. Finally, Carl P. Sherr & Co. LLC grew its holdings in shares of Independent Bank by 65.6% in the fourth quarter. Carl P. Sherr & Co. LLC now owns 9,975 shares of the bank's stock valued at $640,000 after purchasing an additional 3,950 shares in the last quarter. Institutional investors own 83.40% of the company's stock.

Independent Bank Stock Down 0.7%

Shares of INDB stock traded down $0.46 on Friday, hitting $61.67. The stock had a trading volume of 244,469 shares, compared to its average volume of 292,570. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The business has a 50 day moving average price of $59.94 and a 200 day moving average price of $64.78. The company has a market cap of $2.63 billion, a PE ratio of 13.64 and a beta of 0.82. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.12). The firm had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were issued a $0.59 dividend. This is an increase from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a dividend yield of 3.83%. The ex-dividend date was Monday, March 31st. Independent Bank's payout ratio is presently 53.15%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on INDB shares. Piper Sandler cut their target price 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. Keefe, Bruyette & Woods cut their target price on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a report on Monday, April 21st. Finally, Wall Street Zen lowered shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. One investment 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, Independent Bank presently has a consensus rating of "Moderate Buy" and an average price target 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.