First Trust Advisors LP Reduces Stock Position in Independent Bank Corp. (NASDAQ:INDB)

First Trust Advisors LP cut its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 5.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 102,052 shares of the bank's stock after selling 5,899 shares during the quarter. First Trust Advisors LP owned 0.24% of Independent Bank worth $6,551,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. CIBC Asset Management Inc lifted its position in shares of Independent Bank by 3.9% during the 4th quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock valued at $270,000 after acquiring an additional 158 shares during the period. GHP Investment Advisors Inc. boosted its holdings in Independent Bank by 0.7% in the fourth quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock worth $2,083,000 after acquiring an additional 236 shares in the last quarter. Isthmus Partners LLC grew its position in Independent Bank by 0.7% in the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock valued at $2,395,000 after purchasing an additional 245 shares during the period. HighTower Advisors LLC increased its position in shares of Independent Bank by 4.1% during the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock worth $438,000 after acquiring an additional 267 shares in the last quarter. Finally, Summit Investment Advisors Inc. raised its stake 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 during the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Performance

INDB stock traded up $0.29 during midday trading on Monday, hitting $62.59. The company's stock had a trading volume of 15,939 shares, compared to its average volume of 285,566. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 13.87 and a beta of 0.84. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock's 50-day moving average price is $60.59 and its 200 day moving average price is $65.22. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing analysts' consensus estimates 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 return on equity of 6.57% and a net margin of 19.58%. On average, equities analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were paid a $0.59 dividend. This is an increase from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Monday, March 31st. This represents a $2.36 annualized dividend and a yield of 3.77%. Independent Bank's dividend payout ratio is presently 53.15%.

Analysts Set New Price Targets

Several research analysts recently issued reports on INDB shares. StockNews.com downgraded Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Keefe, Bruyette & Woods reduced their target price on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Raymond James reissued a "strong-buy" rating and set a $78.00 price target (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Finally, Piper Sandler cut their price target on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $71.00.

Insider Buying and Selling at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of the company's stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the transaction, the director now owns 12,516 shares of the company's stock, valued at $876,495.48. This represents a 4.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.81% of the stock is owned by corporate insiders.

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.