Independent Bank Corp. (NASDAQ:INDB) Shares Sold by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. reduced its position in Independent Bank Corp. (NASDAQ:INDB) by 83.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,521 shares of the bank’s stock after selling 96,785 shares during the quarter. D. E. Shaw & Co. Inc.’s holdings in Independent Bank were worth $1,189,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in INDB. Dimensional Fund Advisors LP grew its stake in Independent Bank by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank’s stock worth $148,835,000 after buying an additional 36,335 shares during the last quarter. Deprince Race & Zollo Inc. raised its holdings in shares of Independent Bank by 687.2% in the fourth quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank’s stock worth $60,868,000 after buying an additional 827,793 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Independent Bank by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank’s stock worth $34,980,000 after buying an additional 21,289 shares during the period. American Century Companies Inc. grew its holdings in shares of Independent Bank by 10.9% during the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank’s stock valued at $30,128,000 after buying an additional 46,046 shares during the last quarter. Finally, Norges Bank purchased a new position in Independent Bank in the 4th quarter worth $28,810,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Down 0.4%

Shares of INDB opened at $61.18 on Friday. The company has a market capitalization of $2.61 billion, a price-to-earnings ratio of 13.54 and a beta of 0.82. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The stock’s 50-day moving average price is $60.24 and its 200-day moving average price is $65.23. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.12). The company had revenue of $178.04 million during the quarter, compared to analysts’ expectations of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, sell-side analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were issued a dividend of $0.59 per share. 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. This represents a $2.36 dividend on an annualized basis and a yield of 3.86%. Independent Bank’s dividend payout ratio is 53.15%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on INDB shares. Piper Sandler dropped their target price on Independent Bank from $74.00 to $63.00 and set a “neutral” rating on the stock in a research report on Monday, April 21st. Keefe, Bruyette & Woods dropped their price objective on shares of Independent Bank from $80.00 to $72.00 and set a “market perform” rating on the stock in a report on Monday, April 21st. Finally, Wall Street Zen cut shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Saturday, April 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Independent Bank currently 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.