49,961 Shares in Independent Bank Corp. (NASDAQ:INDB) Purchased by Squarepoint Ops LLC

Squarepoint Ops LLC purchased a new stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 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.

Other institutional investors and hedge funds have also bought and sold shares of the company. CIBC Asset Management Inc increased its position in Independent Bank by 3.9% during the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock valued at $270,000 after acquiring an additional 158 shares during the last quarter. GHP Investment Advisors Inc. grew its position in shares of Independent Bank by 0.7% during the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock worth $2,083,000 after buying an additional 236 shares in the last quarter. Isthmus Partners LLC increased its stake in shares of Independent Bank by 0.7% during the fourth quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock valued at $2,395,000 after buying an additional 245 shares during the period. HighTower Advisors LLC increased its stake in shares of Independent Bank by 4.1% during the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock valued at $438,000 after buying an additional 267 shares during the period. Finally, Summit Investment Advisors Inc. raised its holdings in shares of Independent Bank by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,441 shares of the bank's stock valued at $285,000 after acquiring an additional 282 shares in the last quarter. 83.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

INDB has been the topic of a number of recent analyst reports. Piper Sandler lowered their price target on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Wall Street Zen downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Finally, 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 report on Monday, April 21st. One equities research 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank Stock Performance

Shares of NASDAQ:INDB traded down $0.93 during midday trading on Wednesday, hitting $61.50. The stock had a trading volume of 266,635 shares, compared to its average volume of 291,695. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a 50 day moving average price of $60.07 and a two-hundred day moving average price of $65.00. The company has a market capitalization of $2.62 billion, a PE ratio of 13.61 and a beta of 0.82.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $178.04 million for the quarter, compared to analyst estimates of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, equities analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were issued a dividend of $0.59 per share. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Monday, March 31st. This represents a $2.36 annualized dividend and a dividend yield of 3.84%. Independent Bank's payout ratio is presently 53.15%.

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.