Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by Bridgeway Capital Management LLC

Bridgeway Capital Management LLC lifted its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 3.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 171,962 shares of the bank's stock after purchasing an additional 5,919 shares during the period. Bridgeway Capital Management LLC owned about 0.40% of Independent Bank worth $11,038,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of INDB. Balyasny Asset Management L.P. increased its position in shares of Independent Bank by 114.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 33,743 shares of the bank's stock valued at $2,166,000 after buying an additional 18,042 shares in the last quarter. Bank of America Corp DE increased its holdings in Independent Bank by 11.0% in the 4th quarter. Bank of America Corp DE now owns 354,168 shares of the bank's stock worth $22,734,000 after acquiring an additional 35,165 shares in the last quarter. Algert Global LLC raised its position in Independent Bank by 12.6% during the fourth quarter. Algert Global LLC now owns 155,582 shares of the bank's stock worth $9,987,000 after acquiring an additional 17,436 shares during the period. AQR Capital Management LLC lifted its holdings in Independent Bank by 7.9% during the fourth quarter. AQR Capital Management LLC now owns 121,285 shares of the bank's stock valued at $7,785,000 after purchasing an additional 8,878 shares in the last quarter. Finally, Integrated Wealth Concepts LLC grew its position in shares of Independent Bank by 5.2% in the fourth quarter. Integrated Wealth Concepts LLC now owns 52,981 shares of the bank's stock valued at $3,401,000 after purchasing an additional 2,640 shares during the period. Institutional investors and hedge funds own 83.40% of the company's stock.

Independent Bank Price Performance

NASDAQ:INDB opened at $61.26 on Wednesday. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23. The stock has a market cap of $2.61 billion, a PE ratio of 13.55 and a beta of 0.82. 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 50 day moving average price of $60.34 and a 200 day moving average price of $65.20.

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

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were paid a $0.59 dividend. This is a boost from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date was Monday, March 31st. This represents a $2.36 annualized dividend and a dividend yield of 3.85%. Independent Bank's dividend payout ratio is 53.15%.

Insider Transactions at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the firm's stock in a transaction on Tuesday, February 11th. The stock was 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 of the company's stock, valued at $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.81% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on INDB shares. StockNews.com cut Independent Bank from a "hold" rating to a "sell" rating in a report on Saturday, April 26th. Raymond James reiterated a "strong-buy" rating and set a $78.00 price target (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods decreased their price objective on Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a report on Monday, April 21st. Finally, Piper Sandler dropped their target price on shares of Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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.

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