Renaissance Technologies LLC Decreases Stake in Independent Bank Corp. (NASDAQ:INDB)

Renaissance Technologies LLC decreased its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 13.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 130,068 shares of the bank's stock after selling 20,300 shares during the period. Renaissance Technologies LLC owned about 0.31% of Independent Bank worth $8,349,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Norges Bank acquired a new position in shares of Independent Bank during the 4th quarter worth about $28,810,000. JPMorgan Chase & Co. raised its position in shares of Independent Bank by 59.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock worth $20,024,000 after acquiring an additional 126,791 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Independent Bank by 302.5% during the 4th quarter. Russell Investments Group Ltd. now owns 162,206 shares of the bank's stock worth $10,412,000 after acquiring an additional 121,906 shares in the last quarter. New York State Common Retirement Fund raised its position in shares of 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 acquiring an additional 88,448 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Independent Bank during the 4th quarter worth about $5,586,000. Institutional investors and hedge funds own 83.40% of the company's stock.

Independent Bank Stock Performance

INDB traded up $1.78 during trading on Wednesday, hitting $58.74. 34,967 shares of the stock were exchanged, compared to its average volume of 285,388. The firm has a market capitalization of $2.50 billion, a P/E ratio of 13.00 and a beta of 0.84. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The stock has a fifty day moving average price of $62.14 and a two-hundred day moving average price of $65.26. 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 - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.12). The firm had revenue of $178.04 million for the quarter, compared to analyst estimates of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, sell-side analysts predict 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. Stockholders of record on Monday, March 31st were issued a $0.59 dividend. The ex-dividend date was Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.02%. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's payout ratio is presently 53.15%.

Insider Activity

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction that occurred 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 $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on INDB. Keefe, Bruyette & Woods cut their target price on Independent Bank from $80.00 to $72.00 and set a "market perform" rating on the stock in a research report on Monday. Piper Sandler cut 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. StockNews.com raised Independent Bank from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Finally, Raymond James reissued a "strong-buy" rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Three research analysts have rated the stock with a hold rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $71.00.

Independent Bank Company 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.