Tudor Investment Corp ET AL Sells 14,940 Shares of Independent Bank Corp. (NASDAQ:INDB)

Tudor Investment Corp ET AL lowered its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 54.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in INDB. Venturi Wealth Management LLC purchased a new stake in shares of Independent Bank during the fourth quarter valued at approximately $62,000. Smartleaf Asset Management LLC lifted its position in Independent Bank by 105.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock valued at $68,000 after acquiring an additional 542 shares in the last quarter. Sterling Capital Management LLC boosted its stake in Independent Bank by 810.2% during the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock valued at $86,000 after purchasing an additional 1,191 shares during the last quarter. KBC Group NV increased its holdings in shares of Independent Bank by 34.5% in the 4th quarter. KBC Group NV now owns 1,911 shares of the bank's stock worth $123,000 after purchasing an additional 490 shares in the last quarter. Finally, ST Germain D J Co. Inc. raised its stake in shares of Independent Bank by 364.9% in the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank's stock worth $142,000 after purchasing an additional 1,737 shares during the last quarter. Institutional investors own 83.40% of the company's stock.

Independent Bank Stock Performance

Shares of NASDAQ:INDB traded down $0.14 during trading on Friday, hitting $61.83. The company's stock had a trading volume of 171,680 shares, compared to its average volume of 288,349. 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 firm has a market cap of $2.64 billion, a price-to-earnings ratio of 13.68 and a beta of 0.82. The company has a 50-day moving average of $60.00 and a 200-day moving average of $65.18. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly 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). Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. The business had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. On average, sell-side analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors 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 an increase from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a yield of 3.82%. Independent Bank's payout ratio is 53.15%.

Insider Buying and Selling at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction dated 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 directly owns 12,516 shares of the company's stock, valued at $876,495.48. The trade was a 4.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.81% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on INDB shares. Keefe, Bruyette & Woods dropped their price objective on 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. Piper Sandler reduced their price target 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. StockNews.com downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Saturday, April 26th. Finally, Raymond James reaffirmed a "strong-buy" rating and issued a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price 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.