Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. increased its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 3.6% during the 1st quarter, HoldingsChannel reports. The fund owned 6,616 shares of the bank’s stock after acquiring an additional 232 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Independent Bank were worth $414,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock valued at $27,000 after acquiring an additional 262 shares during the last quarter. Sterling Capital Management LLC boosted its position in shares of 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 acquiring an additional 1,191 shares during the last quarter. KBC Group NV boosted its position in shares of Independent Bank by 15.3% during the 1st quarter. KBC Group NV now owns 2,204 shares of the bank’s stock valued at $138,000 after acquiring an additional 293 shares during the last quarter. Xponance Inc. acquired a new position in shares of Independent Bank during the 1st quarter valued at about $203,000. Finally, Stifel Financial Corp acquired a new position in shares of Independent Bank during the 4th quarter valued at about $266,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Trading Up 0.2%

NASDAQ INDB opened at $68.00 on Friday. The firm’s 50-day moving average is $64.91 and its two-hundred day moving average is $63.54. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $77.23. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $3.39 billion, a P/E ratio of 15.35 and a beta of 0.87.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.05. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The company had revenue of $181.80 million for the quarter, compared to analysts’ expectations of $179.47 million. On average, sell-side analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 annualized dividend and a dividend yield of 3.5%. Independent Bank’s dividend payout ratio (DPR) is presently 53.27%.

Wall Street Analyst Weigh In

INDB has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods decreased their target price on shares of 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 decreased 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 report on Monday, April 21st. Finally, Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th.

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.