Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by Algert Global LLC

Algert Global LLC raised its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 12.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 155,582 shares of the bank's stock after purchasing an additional 17,436 shares during the period. Algert Global LLC owned 0.37% of Independent Bank worth $9,987,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. StockNews.com lowered Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. Piper Sandler reduced their price target on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Raymond James reissued a "strong-buy" rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods reduced 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 research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank Price Performance

NASDAQ:INDB opened at $62.30 on Friday. The company has a market capitalization of $2.65 billion, a P/E ratio of 13.78 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. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The stock's fifty day moving average is $60.59 and its two-hundred day moving average is $65.22.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted 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). Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. The company had revenue of $178.04 million during the quarter, compared to analyst estimates of $175.03 million. Equities analysts expect that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend was Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.79%. This is a boost from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio (DPR) is presently 53.15%.

Insider Activity at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction 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 sale, 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 filing with the SEC, which can be accessed through this hyperlink. 0.81% of the stock is owned by 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.

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