Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by Invesco Ltd.

Invesco Ltd. grew its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 9.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 444,703 shares of the bank's stock after acquiring an additional 37,941 shares during the quarter. Invesco Ltd. owned about 1.05% of Independent Bank worth $28,545,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Venturi Wealth Management LLC acquired a new stake in Independent Bank during the fourth quarter worth about $62,000. Smartleaf Asset Management LLC grew its stake in shares of 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 buying an additional 542 shares during the period. KBC Group NV increased its holdings in shares of Independent Bank by 34.5% during the 4th quarter. KBC Group NV now owns 1,911 shares of the bank's stock worth $123,000 after buying an additional 490 shares during the last quarter. ST Germain D J Co. Inc. raised its position in shares of 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 buying an additional 1,737 shares during the period. Finally, Relyea Zuckerberg Hanson LLC acquired a new position in Independent Bank in the fourth quarter valued at approximately $250,000. Institutional investors and hedge funds own 83.40% of the company's stock.

Independent Bank Trading Up 3.1 %

Shares of INDB traded up $1.78 during midday trading on Wednesday, hitting $58.74. 34,967 shares of the stock were exchanged, compared to its average volume of 285,387. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a fifty day simple moving average of $62.14 and a 200 day simple moving average of $65.26. The firm has a market cap of $2.50 billion, a P/E ratio of 13.00 and a beta of 0.84.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced 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 firm had revenue of $178.04 million for the quarter, compared to analysts' expectations of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. On average, research analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 4.02%. The ex-dividend date was Monday, March 31st. This is a boost from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's dividend payout ratio (DPR) is currently 53.15%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Piper Sandler cut their target price on Independent Bank from $74.00 to $63.00 and set a "neutral" rating for the company in a research note on Monday. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $80.00 to $72.00 and set a "market perform" rating for the company in a research report on Monday. Raymond James restated a "strong-buy" rating and issued a $78.00 price objective (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, StockNews.com raised shares of Independent Bank from a "sell" rating to a "hold" rating in a research note on Friday, April 18th. Three analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Independent Bank currently has a consensus rating of "Moderate Buy" and a consensus price target of $71.00.

Insiders Place Their Bets

In other news, Director Donna L. Abelli sold 640 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the sale, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.81% of the company's stock.

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.