Twinbeech Capital LP Purchases New Shares in Independent Bank Corp. (NASDAQ:INDB)

Twinbeech Capital LP bought a new position in Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 7,835 shares of the bank's stock, valued at approximately $503,000.

Other institutional investors have also recently made changes to their positions in the company. Venturi Wealth Management LLC purchased a new stake in Independent Bank during the fourth quarter valued at about $62,000. Smartleaf Asset Management LLC raised its stake in Independent Bank by 105.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock valued at $68,000 after purchasing an additional 542 shares in the last quarter. Sterling Capital Management LLC grew its position in Independent Bank by 810.2% during the fourth 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 during the last quarter. KBC Group NV grew its position in Independent Bank by 34.5% during the fourth quarter. KBC Group NV now owns 1,911 shares of the bank's stock valued at $123,000 after acquiring an additional 490 shares during the last quarter. Finally, Cibc World Markets Corp bought a new position in Independent Bank during the fourth quarter valued at approximately $255,000. Institutional investors own 83.40% of the company's stock.

Wall Street Analysts Forecast Growth

INDB has been the subject of a number of research analyst reports. 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. Wall Street Zen lowered Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Finally, Keefe, Bruyette & Woods lowered their price target on Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Independent Bank has an average rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank Stock Performance

NASDAQ INDB traded down $0.58 during trading hours on Wednesday, hitting $61.85. The company's stock had a trading volume of 31,843 shares, compared to its average volume of 290,145. The company's 50 day simple moving average is $60.10 and its two-hundred day simple moving average is $65.02. The company has a market cap of $2.64 billion, a P/E ratio of 13.68 and a beta of 0.82. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.18 by ($0.12). The firm had revenue of $178.04 million for 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%. As a group, sell-side analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.82%. This is an increase 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 presently 53.15%.

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.