Stifel Financial Corp Buys Shares of 4,149 Independent Bank Corp. (NASDAQ:INDB)

Stifel Financial Corp bought a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 4,149 shares of the bank's stock, valued at approximately $266,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in shares of Independent Bank by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock valued at $13,228,000 after buying an additional 5,792 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Independent Bank in the fourth quarter worth $5,586,000. Barclays PLC grew its position in shares of Independent Bank by 75.0% in the third quarter. Barclays PLC now owns 94,976 shares of the bank's stock valued at $5,616,000 after purchasing an additional 40,697 shares during the period. Natixis Advisors LLC purchased a new position in shares of Independent Bank in the 4th quarter valued at $722,000. Finally, Franklin Resources Inc. acquired a new stake in shares of Independent Bank during the third quarter valued at about $2,060,000. Institutional investors and hedge funds own 83.40% of the company's stock.

Analysts Set New Price Targets

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

Independent Bank Trading Down 1.0%

Shares of NASDAQ:INDB opened at $64.58 on Thursday. The stock's 50-day moving average is $60.03 and its 200-day moving average is $65.22. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23. The company has a market cap of $2.75 billion, a P/E ratio of 14.29 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 (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing analysts' consensus estimates of $1.18 by ($0.12). The firm had revenue of $178.04 million for the quarter, compared to analyst estimates of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Equities research analysts predict 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 paid a $0.59 dividend. This is a positive change 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 yield of 3.65%. Independent Bank's payout ratio is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.