Raymond James Financial Inc. Makes New Investment in Independent Bank Corp. (NASDAQ:INDB)

Raymond James Financial Inc. purchased a new stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 25,643 shares of the bank's stock, valued at approximately $1,646,000. Raymond James Financial Inc. owned about 0.06% of Independent Bank as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in INDB. CIBC Asset Management Inc raised its holdings in shares of Independent Bank by 3.9% during the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock valued at $270,000 after purchasing an additional 158 shares during the last quarter. GHP Investment Advisors Inc. grew its position in Independent Bank by 0.7% in the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock worth $2,083,000 after purchasing an additional 236 shares during the period. Isthmus Partners LLC raised its stake in Independent Bank by 0.7% during the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock valued at $2,395,000 after buying an additional 245 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of Independent Bank by 4.1% during the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock valued at $438,000 after buying an additional 267 shares during the period. Finally, Stablepoint Partners LLC grew its holdings in shares of Independent Bank by 1.6% in the fourth quarter. Stablepoint Partners LLC now owns 23,394 shares of the bank's stock worth $1,502,000 after acquiring an additional 361 shares during the period. Institutional investors own 83.40% of the company's stock.

Independent Bank Price Performance

Shares of INDB stock traded down $0.95 during trading hours on Tuesday, hitting $61.26. The stock had a trading volume of 273,363 shares, compared to its average volume of 286,528. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of 13.55 and a beta of 0.82. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23. The stock's 50-day moving average price is $60.47 and its two-hundred day moving average price is $65.22.

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

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were given a dividend of $0.59 per share. The ex-dividend date was Monday, March 31st. This represents a $2.36 annualized dividend and a yield of 3.85%. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio (DPR) is 53.15%.

Wall Street Analysts Forecast Growth

INDB has been the subject of a number of research reports. Piper Sandler reduced 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. Keefe, Bruyette & Woods reduced their price objective on 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 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. Finally, StockNews.com cut Independent Bank from a "hold" rating to a "sell" rating in a research report 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's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

Insiders Place Their Bets

In other news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction that occurred 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 transaction, the director now owns 12,516 shares of the company's stock, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.81% of the company's stock.

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.