Voloridge Investment Management LLC Boosts Holdings in Independent Bank Corp. (NASDAQ:INDB)

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

Several other large investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its stake in Independent Bank by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank's stock valued at $148,835,000 after buying an additional 36,335 shares during the period. Deprince Race & Zollo Inc. lifted its stake in Independent Bank by 687.2% during the fourth quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank's stock worth $60,868,000 after purchasing an additional 827,793 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Independent Bank by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank's stock worth $34,980,000 after purchasing an additional 21,289 shares during the last quarter. American Century Companies Inc. lifted its stake in Independent Bank by 10.9% during the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank's stock worth $30,128,000 after purchasing an additional 46,046 shares during the last quarter. Finally, Norges Bank bought a new stake in Independent Bank during the fourth quarter worth about $28,810,000. 83.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on INDB shares. Wall Street Zen downgraded Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. 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 research note on Monday, April 21st. Finally, Keefe, Bruyette & Woods cut their target price on 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 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $71.00.

Independent Bank Stock Down 0.1%

Shares of INDB traded down $0.03 during mid-day trading on Thursday, hitting $61.47. 33,283 shares of the company's stock were exchanged, compared to its average volume of 290,695. The stock's 50-day moving average is $60.07 and its 200-day moving average is $65.00. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The company has a market cap of $2.62 billion, a price-to-earnings ratio of 13.56 and a beta of 0.82.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 EPS 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 analysts' expectations of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. On average, sell-side 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 announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were issued a $0.59 dividend. The ex-dividend date was Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a yield of 3.84%. This is an increase from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio (DPR) is 53.15%.

Independent Bank Company 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.