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Universal Beteiligungs und Servicegesellschaft mbH Invests $1.83 Million in Independent Bank Corp. (NASDAQ:INDB)

Independent Bank logo with Finance background

Key Points

  • Universal Beteiligungs und Servicegesellschaft mbH recently invested $1.83 million in Independent Bank Corp., acquiring 29,203 shares, which represents approximately 0.07% ownership of the bank.
  • In the latest quarter, Independent Bank reported earnings of $1.25 per share, exceeding analysts' expectations, and had a revenue of $181.80 million.
  • The bank declared a quarterly dividend of $0.59, translating to an annual yield of 3.67%, with a dividend payout ratio of 53.27%.
  • MarketBeat previews the top five stocks to own by September 1st.

Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 29,203 shares of the bank's stock, valued at approximately $1,830,000. Universal Beteiligungs und Servicegesellschaft mbH owned 0.07% of Independent Bank at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in INDB. Raymond James Financial Inc. bought a new stake in Independent Bank in the 4th quarter valued at $1,646,000. KLP Kapitalforvaltning AS acquired a new position in Independent Bank in the 4th quarter valued at $559,000. LPL Financial LLC grew its holdings in Independent Bank by 8.1% in the 4th quarter. LPL Financial LLC now owns 24,123 shares of the bank's stock valued at $1,548,000 after buying an additional 1,800 shares in the last quarter. Norges Bank acquired a new position in Independent Bank in the 4th quarter valued at $28,810,000. Finally, New Age Alpha Advisors LLC acquired a new position in Independent Bank in the 4th quarter valued at $402,000. Institutional investors own 83.40% of the company's stock.

Independent Bank Price Performance

Shares of INDB traded down $1.49 during trading hours on Friday, hitting $62.06. 546,784 shares of the company were exchanged, compared to its average volume of 483,955. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23. The firm's fifty day moving average is $64.29 and its 200 day moving average is $63.62. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 14.01 and a beta of 0.87.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its earnings results on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.20 by $0.05. The company had revenue of $181.80 million during the quarter, compared to analysts' expectations 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 anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank's dividend payout ratio (DPR) is currently 53.27%.

Analysts Set New Price Targets

A number of brokerages have commented on INDB. Wall Street Zen lowered Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday. Keefe, Bruyette & Woods decreased their price objective on Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. Finally, Piper Sandler decreased their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a report on Monday, April 21st.

Read Our Latest Analysis on INDB

Independent Bank Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

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