Independent Bank Corp. (NASDAQ:INDB) Stock Holdings Lifted by Hsbc Holdings PLC

Hsbc Holdings PLC lifted its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 292.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 25,615 shares of the bank's stock after buying an additional 19,086 shares during the quarter. Hsbc Holdings PLC owned approximately 0.06% of Independent Bank worth $1,644,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. lifted its holdings in Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock worth $20,024,000 after acquiring an additional 126,791 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Independent Bank by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock worth $13,228,000 after purchasing an additional 5,792 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Independent Bank in the 4th quarter worth approximately $5,586,000. Barclays PLC boosted its position in Independent Bank by 75.0% during the 3rd quarter. Barclays PLC now owns 94,976 shares of the bank's stock valued at $5,616,000 after purchasing an additional 40,697 shares during the period. Finally, Natixis Advisors LLC bought a new position in Independent Bank during the 4th quarter worth $722,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Price Performance

Independent Bank stock traded down $0.09 during trading hours on Monday, hitting $62.21. 275,734 shares of the company traded hands, compared to its average volume of 286,582. The firm's 50-day simple moving average is $60.59 and its two-hundred day simple moving average is $65.22. The firm has a market cap of $2.65 billion, a P/E ratio of 13.76 and a beta of 0.84. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its 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 firm had revenue of $178.04 million for the quarter, compared to the consensus estimate of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were issued a $0.59 dividend. This is a positive change 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 dividend yield of 3.79%. Independent Bank's dividend payout ratio is 53.15%.

Insider Activity at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the company's stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the sale, the director now directly owns 12,516 shares of the company's stock, valued at approximately $876,495.48. This represents a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on INDB. Raymond James reiterated a "strong-buy" rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. 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. StockNews.com downgraded Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Finally, Keefe, Bruyette & Woods lowered their target price on Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a research report on Monday, April 21st. One 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. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $71.00.

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.