Bridgeway Capital Management LLC Grows Stake in Independent Bank Corp. (NASDAQ:INDB)

Bridgeway Capital Management LLC grew its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 3.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 171,962 shares of the bank's stock after acquiring an additional 5,919 shares during the period. Bridgeway Capital Management LLC owned 0.40% of Independent Bank worth $11,038,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC acquired a new stake in Independent Bank during the fourth quarter worth about $62,000. Smartleaf Asset Management LLC lifted its position in shares of Independent Bank by 105.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock worth $68,000 after purchasing an additional 542 shares in the last quarter. Sterling Capital Management LLC increased 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 purchasing an additional 1,191 shares during the last quarter. KBC Group NV raised its stake in Independent Bank by 34.5% in 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 Independent Bank by 364.9% in the 4th 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 during the period. Institutional investors own 83.40% of the company's stock.

Insiders Place Their Bets

In other 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 sale, the director now directly owns 12,516 shares of the company's stock, valued at $876,495.48. This represents a 4.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Raymond James reiterated a "strong-buy" rating and set a $78.00 target price (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods reduced their price target 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. Piper Sandler dropped their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating on the stock in a research note on Monday, April 21st. Finally, StockNews.com cut Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. 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.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $71.00.

Independent Bank Price Performance

Shares of Independent Bank stock traded up $2.81 during trading on Monday, hitting $64.66. The stock had a trading volume of 88,299 shares, compared to its average volume of 287,559. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The business's 50-day moving average is $60.00 and its 200 day moving average is $65.19. 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 firm has a market cap of $2.76 billion, a price-to-earnings ratio of 14.27 and a beta of 0.82.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.12). Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. The business had revenue of $178.04 million for the quarter, compared to analysts' expectations of $175.03 million. As a group, sell-side analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were issued a $0.59 dividend. The ex-dividend date was Monday, March 31st. This represents a $2.36 annualized dividend and a yield of 3.65%. This is a boost from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's payout ratio is 53.15%.

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.