UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Grows Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 17.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 97,284 shares of the bank's stock after purchasing an additional 14,236 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.23% of Independent Bank worth $6,245,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in INDB. CIBC Asset Management Inc grew its position in shares of Independent Bank by 3.9% in the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock valued at $270,000 after purchasing an additional 158 shares during the period. GHP Investment Advisors Inc. boosted its holdings in Independent Bank by 0.7% in 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 during the last quarter. Isthmus Partners LLC increased its stake in Independent Bank by 0.7% during the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock worth $2,395,000 after buying an additional 245 shares in the last quarter. HighTower Advisors LLC raised its holdings 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 acquiring an additional 267 shares during the last quarter. Finally, Summit Investment Advisors Inc. raised its holdings in shares of Independent Bank by 6.8% during 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 during the last quarter. Hedge funds and other institutional investors own 83.40% of the company's stock.

Independent Bank Trading Up 0.8%

Shares of INDB traded up $0.51 during mid-day trading on Thursday, reaching $61.86. The stock had a trading volume of 192,953 shares, compared to its average volume of 292,646. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 13.67 and a beta of 0.82. The business's fifty day moving average is $59.76 and its 200 day moving average is $64.61. 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 issued 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). Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. The business had revenue of $178.04 million during the quarter, compared to analysts' expectations of $175.03 million. On average, sell-side analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business 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 a positive change from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend was Monday, March 31st. Independent Bank's payout ratio is 53.15%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a research note on Monday, April 21st. Finally, 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 report on Monday, April 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average 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.