State of Tennessee Department of Treasury Has $1.26 Million Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

State of Tennessee Department of Treasury lessened its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 43.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,562 shares of the bank's stock after selling 15,238 shares during the quarter. State of Tennessee Department of Treasury's holdings in Independent Bank were worth $1,256,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in INDB. JPMorgan Chase & Co. lifted its stake in shares of 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 purchasing an additional 126,791 shares during the last quarter. Principal Financial Group Inc. boosted its stake 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 acquiring an additional 5,792 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Independent Bank during the 4th quarter valued at about $5,586,000. Barclays PLC raised its stake in shares of Independent Bank by 75.0% in the 3rd quarter. Barclays PLC now owns 94,976 shares of the bank's stock valued at $5,616,000 after acquiring an additional 40,697 shares in the last quarter. Finally, Natixis Advisors LLC acquired a new stake in Independent Bank in the 4th quarter worth approximately $722,000. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Performance

Shares of NASDAQ:INDB traded down $0.18 on Tuesday, hitting $62.03. 44,212 shares of the company were exchanged, compared to its average volume of 285,643. The company's 50 day moving average price is $60.47 and its two-hundred day moving average price is $65.22. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 13.75 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. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23.

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 net margin of 19.58% and a return on equity of 6.57%. The firm had revenue of $178.04 million during the quarter, compared to analyst estimates of $175.03 million. Research analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend was Monday, March 31st. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's payout ratio is 53.15%.

Analysts Set New Price Targets

INDB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research note on Monday, April 21st. Raymond James restated 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. 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 downgraded 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 given a hold rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $71.00.

Insider Activity

In related news, Director Donna L. Abelli sold 640 shares of the 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 transaction, the director now owns 12,516 shares of the company's stock, valued at $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.81% of the company's stock.

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.