Deprince Race & Zollo Inc. Grows Position in Independent Bank Corp. (NASDAQ:INDB)

Deprince Race & Zollo Inc. boosted its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 687.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 948,244 shares of the bank's stock after purchasing an additional 827,793 shares during the quarter. Independent Bank accounts for about 1.2% of Deprince Race & Zollo Inc.'s portfolio, making the stock its 12th largest holding. Deprince Race & Zollo Inc. owned approximately 2.23% of Independent Bank worth $60,868,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of INDB. Norges Bank acquired a new stake in Independent Bank in the 4th quarter worth about $28,810,000. JPMorgan Chase & Co. increased its holdings in Independent Bank by 59.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock valued at $20,024,000 after buying an additional 126,791 shares during the period. Russell Investments Group Ltd. increased its holdings in Independent Bank by 302.5% in the 4th quarter. Russell Investments Group Ltd. now owns 162,206 shares of the bank's stock valued at $10,412,000 after buying an additional 121,906 shares during the period. New York State Common Retirement Fund increased its holdings in Independent Bank by 681.3% in the 4th quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank's stock valued at $6,511,000 after buying an additional 88,448 shares during the period. Finally, Assenagon Asset Management S.A. bought a new position in Independent Bank in the 4th quarter valued at about $5,586,000. Institutional investors and hedge funds own 83.40% of the company's stock.

Insider Activity at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares in the company, valued at approximately $876,495.48. The trade was a 4.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.81% of the stock is owned by corporate insiders.

Independent Bank Trading Up 4.9%

INDB traded up $3.00 during trading on Monday, reaching $64.85. 323,854 shares of the company's stock were exchanged, compared to its average volume of 288,491. 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. The stock has a market capitalization of $2.76 billion, a PE ratio of 14.35 and a beta of 0.82. The firm has a fifty day moving average price of $60.00 and a two-hundred day moving average price of $65.19.

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 (EPS) for the quarter, missing analysts' consensus estimates of $1.18 by ($0.12). The firm 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%. As a group, equities research analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently announced 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 dividend yield of 3.64%. The ex-dividend date was Monday, March 31st. This is an increase from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's payout ratio is presently 53.15%.

Analysts Set New Price Targets

Several equities analysts have commented on INDB shares. Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. Raymond James reaffirmed a "strong-buy" rating and set a $78.00 price target (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. StockNews.com lowered shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Finally, Piper Sandler decreased 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 assigned a hold rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target 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.