Voloridge Investment Management LLC Buys 4,798 Shares of Independent Bank Corp. (NASDAQ:INDB)

Voloridge Investment Management LLC raised its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 2.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 209,963 shares of the bank's stock after purchasing an additional 4,798 shares during the period. Voloridge Investment Management LLC owned 0.49% of Independent Bank worth $13,478,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Venturi Wealth Management LLC bought a new stake 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% during 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. KBC Group NV increased its holdings in Independent Bank by 34.5% in the 4th quarter. KBC Group NV now owns 1,911 shares of the bank's stock worth $123,000 after buying an additional 490 shares in the last quarter. Finally, Cibc World Markets Corp bought a new stake in shares of Independent Bank in the fourth quarter worth approximately $255,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on INDB shares. Wall Street Zen cut Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Keefe, Bruyette & Woods lowered their price objective 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 shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank Trading Down 1.5%

Shares of NASDAQ INDB traded down $0.93 during trading hours on Wednesday, hitting $61.50. 266,635 shares of the company traded hands, compared to its average volume of 291,067. 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 company's 50 day moving average price is $60.10 and its 200 day moving average price is $65.02. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 13.61 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.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its earnings results 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). Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. The business had revenue of $178.04 million for the quarter, compared to analysts' expectations of $175.03 million. On average, equities research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.84%. The ex-dividend date was Monday, March 31st. This is an increase from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio is 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.