Susquehanna International Group LLP Cuts Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Susquehanna International Group LLP trimmed its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 17.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,165 shares of the bank's stock after selling 5,880 shares during the quarter. Susquehanna International Group LLP owned approximately 0.06% of Independent Bank worth $1,744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in INDB. CIBC Asset Management Inc grew its holdings in shares of Independent Bank by 3.9% during the 4th quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock worth $270,000 after acquiring an additional 158 shares during the period. GHP Investment Advisors Inc. raised its holdings in Independent Bank by 0.7% in the fourth quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock worth $2,083,000 after buying an additional 236 shares during the last quarter. Isthmus Partners LLC raised its holdings in Independent Bank by 0.7% in the fourth quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock worth $2,395,000 after buying an additional 245 shares during the last quarter. HighTower Advisors LLC grew its holdings in shares of Independent Bank by 4.1% during the fourth 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 last quarter. Finally, Summit Investment Advisors Inc. increased its position in shares of Independent Bank by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,441 shares of the bank's stock valued at $285,000 after acquiring an additional 282 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on INDB. Raymond James restated a "strong-buy" rating and set a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Piper Sandler reduced their price objective on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research report on Monday, April 21st. StockNews.com cut Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research report on Monday, April 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $71.00.

Independent Bank Stock Performance

Shares of INDB stock traded down $0.80 during mid-day trading on Friday, reaching $64.00. 95,734 shares of the company's stock traded hands, compared to its average volume of 288,939. The firm has a 50 day moving average price of $60.15 and a two-hundred day moving average price of $65.22. 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 12 month low of $45.11 and a 12 month high of $77.23. The firm has a market capitalization of $2.73 billion, a PE ratio of 14.16 and a beta of 0.82.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate 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%. On average, research analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a $0.59 dividend. The ex-dividend date was Monday, March 31st. This represents a $2.36 annualized dividend and a yield of 3.69%. This is a boost from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's payout ratio is presently 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.