Tudor Investment Corp ET AL Has $787,000 Holdings in Independent Bank Corp. (NASDAQ:INDB)

Tudor Investment Corp ET AL lessened its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 54.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,260 shares of the bank's stock after selling 14,940 shares during the period. Tudor Investment Corp ET AL's holdings in Independent Bank were worth $787,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of INDB. Barclays PLC grew its position in Independent Bank by 75.0% in the 3rd quarter. Barclays PLC now owns 94,976 shares of the bank's stock worth $5,616,000 after purchasing an additional 40,697 shares during the last quarter. Franklin Resources Inc. acquired a new stake in Independent Bank in the 3rd quarter valued at approximately $2,060,000. JPMorgan Chase & Co. increased its position in Independent Bank by 59.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock valued at $20,024,000 after acquiring an additional 126,791 shares during the period. ST Germain D J Co. Inc. raised its stake in Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank's stock valued at $142,000 after acquiring an additional 1,737 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in Independent Bank during the 4th quarter valued at $5,586,000. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

Independent Bank stock traded up $0.66 during midday trading on Tuesday, hitting $65.51. The company's stock had a trading volume of 41,729 shares, compared to its average volume of 287,620. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month 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 company has a market capitalization of $2.79 billion, a PE ratio of 14.49 and a beta of 0.82. The stock's 50-day moving average price is $60.00 and its 200-day moving average price is $65.22.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing analysts' consensus estimates of $1.18 by ($0.12). The business 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%. Analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date of this dividend was Monday, March 31st. This is an increase from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio is 53.15%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Raymond James reissued a "strong-buy" rating and set a $78.00 price target (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. StockNews.com downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Piper Sandler lowered their price objective 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. Finally, Keefe, Bruyette & Woods dropped their target price 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. One equities research 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. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $71.00.

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.