Independent Bank Corp. (NASDAQ:INDB) Shares Bought by Bank of America Corp DE

Bank of America Corp DE lifted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 11.0% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 354,168 shares of the bank’s stock after purchasing an additional 35,165 shares during the quarter. Bank of America Corp DE’s holdings in Independent Bank were worth $22,734,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Norges Bank acquired a new position in shares of Independent Bank in the fourth quarter worth $28,810,000. Russell Investments Group Ltd. boosted its holdings in Independent Bank by 302.5% in the fourth quarter. Russell Investments Group Ltd. now owns 162,206 shares of the bank’s stock valued at $10,412,000 after purchasing an additional 121,906 shares during the period. New York State Common Retirement Fund grew its stake in Independent Bank by 681.3% during 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. purchased a new stake in Independent Bank during the 4th quarter worth about $5,586,000. Finally, Fisher Asset Management LLC raised its position in Independent Bank by 58.8% in the 4th 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.

Wall Street Analyst Weigh In

INDB has been the topic of a number of recent research reports. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Saturday, April 26th. Piper Sandler dropped 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 report on Monday, April 21st. Raymond James reaffirmed a “strong-buy” rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $80.00 to $72.00 and set a “market perform” rating for the company in a research note on Monday, April 21st. One research 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. Based on data from MarketBeat, Independent Bank currently has an average rating of “Moderate Buy” and an average price target of $71.00.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $64.70 on Monday. The stock has a fifty day moving average price of $60.22 and a 200 day moving average price of $65.25. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. 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 company has a market cap of $2.76 billion, a PE ratio of 14.31 and a beta of 0.82.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results 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). Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. The firm had revenue of $178.04 million for the quarter, compared to analyst estimates of $175.03 million. Sell-side 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. Stockholders of record on Monday, March 31st were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date was Monday, March 31st. This is an increase from Independent Bank’s previous quarterly dividend of $0.57. 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.