Vest Financial LLC Buys New Shares in Independent Bank Corp. (NASDAQ:INDB)

Vest Financial LLC bought a new stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 12,691 shares of the bank's stock, valued at approximately $795,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Venturi Wealth Management LLC acquired a new position in Independent Bank during the 4th quarter valued at about $62,000. Smartleaf Asset Management LLC lifted its holdings in shares of 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 boosted its position in shares of 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 buying an additional 1,191 shares during the last quarter. Cibc World Markets Corp bought a new stake in Independent Bank during the fourth quarter worth $255,000. Finally, Stifel Financial Corp bought a new stake in Independent Bank during the fourth quarter worth $266,000. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Performance

Independent Bank stock traded up $0.05 during mid-day trading on Thursday, reaching $65.25. 276,732 shares of the company's stock were exchanged, compared to its average volume of 293,606. The business's fifty day simple moving average is $60.17 and its 200 day simple moving average is $64.34. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23. The firm has a market capitalization of $2.78 billion, a PE ratio of 14.44 and a beta of 0.84.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing analysts' consensus estimates of $1.18 by ($0.12). The business had revenue of $178.04 million for the quarter, compared to the consensus estimate of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, sell-side analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were given a $0.59 dividend. The ex-dividend date of this dividend was Monday, March 31st. This is a boost from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a dividend yield of 3.62%. Independent Bank's payout ratio is 53.15%.

Analyst Upgrades and Downgrades

INDB has been the topic of a number of analyst reports. Wall Street Zen downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Keefe, Bruyette & Woods dropped their price target on shares of 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. Finally, Piper Sandler reduced their price objective on shares of 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 equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $71.00.

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.