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

Voloridge Investment Management LLC lifted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 209,963 shares of the bank's stock after buying an additional 4,798 shares during the quarter. Voloridge Investment Management LLC owned about 0.49% of Independent Bank worth $13,478,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. CIBC Asset Management Inc grew its holdings in Independent Bank by 3.9% during 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 shares of Independent Bank by 0.7% in the fourth quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock valued at $2,083,000 after buying an additional 236 shares during the period. Isthmus Partners LLC boosted its holdings in shares of Independent Bank by 0.7% in the fourth quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock valued at $2,395,000 after buying an additional 245 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Independent Bank by 4.1% in the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock valued at $438,000 after buying an additional 267 shares during the period. Finally, Summit Investment Advisors Inc. lifted its position in shares of Independent Bank by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,441 shares of the bank's stock worth $285,000 after purchasing an additional 282 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

Wall Street Analysts Forecast Growth

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

Independent Bank Stock Performance

Shares of INDB traded up $1.65 during midday trading on Tuesday, reaching $62.43. The stock had a trading volume of 192,369 shares, compared to its average volume of 291,165. The firm has a market cap of $2.66 billion, a PE ratio of 13.81 and a beta of 0.82. The firm has a 50 day simple moving average of $60.10 and a 200-day simple moving average of $65.02. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23.

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). The company had revenue of $178.04 million during 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 anticipate that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.78%. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date was Monday, March 31st. Independent Bank's dividend payout ratio (DPR) is currently 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.