Susquehanna International Group LLP Lowers Holdings in Independent Bank Corp. (NASDAQ:INDB)

Susquehanna International Group LLP lowered its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 17.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,165 shares of the bank's stock after selling 5,880 shares during the period. Susquehanna International Group LLP owned about 0.06% of Independent Bank worth $1,744,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of INDB. Norges Bank purchased a new position in shares of Independent Bank in the fourth quarter worth about $28,810,000. Russell Investments Group Ltd. raised its holdings in Independent Bank by 302.5% in the 4th quarter. Russell Investments Group Ltd. now owns 162,206 shares of the bank's stock valued at $10,412,000 after acquiring an additional 121,906 shares during the last quarter. New York State Common Retirement Fund lifted its stake in Independent Bank by 681.3% in the 4th quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank's stock worth $6,511,000 after purchasing an additional 88,448 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Independent Bank during the 4th quarter worth approximately $5,586,000. Finally, Fisher Asset Management LLC grew its position in shares of Independent Bank by 58.8% in the fourth quarter. Fisher Asset Management LLC now owns 188,385 shares of the bank's stock valued at $12,092,000 after purchasing an additional 69,753 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

Insider Activity

In related news, Director Donna L. Abelli sold 640 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the transaction, the director now owns 12,516 shares of the company's stock, valued at approximately $876,495.48. This trade represents a 4.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.81% of the company's stock.

Wall Street Analyst Weigh In

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

Independent Bank Price Performance

INDB stock opened at $61.83 on Monday. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of 13.68 and a beta of 0.82. The business has a fifty day moving average of $60.00 and a two-hundred day moving average of $65.19.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued 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 business 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%. As a group, research analysts anticipate 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. 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 is a boost from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.82%. Independent Bank's dividend payout ratio (DPR) is currently 53.15%.

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.

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