Independent Bank Corp. (NASDAQ:INDB) Shares Bought by Hsbc Holdings PLC

Hsbc Holdings PLC increased its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 292.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,615 shares of the bank's stock after buying an additional 19,086 shares during the period. Hsbc Holdings PLC owned 0.06% of Independent Bank worth $1,644,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Venturi Wealth Management LLC purchased a new stake in shares of Independent Bank in the fourth quarter valued at approximately $62,000. Smartleaf Asset Management LLC lifted its holdings in shares of Independent Bank by 105.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock worth $68,000 after buying an additional 542 shares during the period. Sterling Capital Management LLC grew its position in shares of Independent Bank by 810.2% during the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock worth $86,000 after buying an additional 1,191 shares in the last quarter. KBC Group NV increased its stake in shares of Independent Bank by 34.5% during the fourth quarter. KBC Group NV now owns 1,911 shares of the bank's stock valued at $123,000 after buying an additional 490 shares during the period. Finally, ST Germain D J Co. Inc. raised its holdings in shares of Independent Bank by 364.9% in the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank's stock valued at $142,000 after acquiring an additional 1,737 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Stock Up 0.5 %

NASDAQ:INDB traded up $0.33 during midday trading on Wednesday, reaching $61.59. 17,984 shares of the stock traded hands, compared to its average volume of 285,780. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market capitalization of $2.62 billion, a PE ratio of 13.63 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. The business has a 50-day moving average of $60.34 and a two-hundred day moving average of $65.20.

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 company had revenue of $178.04 million during the quarter, compared to analyst estimates 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 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. Investors of record on Monday, March 31st were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 3.83%. The ex-dividend date was Monday, March 31st. This is a boost from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio (DPR) is 53.15%.

Insider Activity

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares of the company's stock, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.81% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on INDB. Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a report on Monday, April 21st. 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 note on Monday, April 21st. Raymond James reaffirmed a "strong-buy" rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Finally, StockNews.com lowered Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. 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's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.