Northern Trust Corp Decreases Stake in Independent Bank Corp. (NASDAQ:INDB)

Northern Trust Corp reduced its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 15.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 486,766 shares of the bank's stock after selling 90,454 shares during the period. Northern Trust Corp owned approximately 1.15% of Independent Bank worth $31,246,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Integrated Wealth Concepts LLC boosted its holdings in Independent Bank by 5.2% during the fourth quarter. Integrated Wealth Concepts LLC now owns 52,981 shares of the bank's stock worth $3,401,000 after buying an additional 2,640 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Independent Bank by 11.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 30,646 shares of the bank's stock worth $1,968,000 after acquiring an additional 3,043 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of Independent Bank by 292.3% in the 4th quarter. Hsbc Holdings PLC now owns 25,615 shares of the bank's stock worth $1,644,000 after acquiring an additional 19,086 shares during the period. Stifel Financial Corp acquired a new position in Independent Bank during the fourth quarter worth $266,000. Finally, MetLife Investment Management LLC boosted its position in Independent Bank by 6.6% during the fourth quarter. MetLife Investment Management LLC now owns 25,776 shares of the bank's stock worth $1,655,000 after purchasing an additional 1,597 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the transaction, the director now owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.81% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on INDB shares. Piper Sandler cut their price target on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Keefe, Bruyette & Woods reduced their price target 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. StockNews.com cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research note on Saturday, April 26th. Finally, Raymond James reaffirmed a "strong-buy" rating and issued a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a strong buy rating to the stock. According to MarketBeat, Independent Bank has an average rating of "Moderate Buy" and a consensus price target of $71.00.

Independent Bank Stock Performance

NASDAQ:INDB opened at $61.83 on Friday. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The firm has a 50 day simple moving average of $60.00 and a 200-day simple moving average of $65.18. The firm has a market cap of $2.63 billion, a PE ratio of 13.68 and a beta of 0.82. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $178.04 million during the quarter, compared to analysts' expectations of $175.03 million. On average, equities analysts expect that Independent Bank Corp. will post 5.41 EPS for the current 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 $0.59 dividend. The ex-dividend date was Monday, March 31st. This is a boost from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a dividend yield of 3.82%. Independent Bank's dividend payout ratio (DPR) is currently 53.15%.

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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