Independent Bank Corp. (NASDAQ:INDB) Shares Bought by Isthmus Partners LLC

Isthmus Partners LLC grew its stake in Independent Bank Corp. (NASDAQ:INDB) by 1.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,994 shares of the bank’s stock after acquiring an additional 681 shares during the quarter. Isthmus Partners LLC owned about 0.09% of Independent Bank worth $2,380,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. CWM LLC raised its position in shares of Independent Bank by 12.5% in the first quarter. CWM LLC now owns 12,896 shares of the bank’s stock valued at $808,000 after buying an additional 1,432 shares during the last quarter. New York State Common Retirement Fund boosted its stake in Independent Bank by 10.0% in the 1st quarter. New York State Common Retirement Fund now owns 111,615 shares of the bank’s stock worth $6,993,000 after buying an additional 10,184 shares during the last quarter. Xponance Inc. acquired a new stake in Independent Bank in the 1st quarter worth about $203,000. Cerity Partners LLC grew its holdings in Independent Bank by 426.0% in the 1st quarter. Cerity Partners LLC now owns 76,792 shares of the bank’s stock valued at $4,811,000 after buying an additional 62,192 shares during the period. Finally, Banque Pictet & Cie SA acquired a new position in shares of Independent Bank during the 1st quarter valued at about $393,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on INDB. Piper Sandler decreased their price target on shares of Independent Bank from $74.00 to $63.00 and set a “neutral” rating on the stock in a report on Monday, April 21st. Keefe, Bruyette & Woods dropped 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 report on Monday, April 21st. Finally, Wall Street Zen cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Saturday, April 26th. One equities research 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 data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.00.

Independent Bank Trading Down 2.1%

NASDAQ:INDB opened at $65.98 on Friday. The business’s 50-day moving average is $63.38 and its two-hundred day moving average is $63.35. The firm has a market capitalization of $2.81 billion, a PE ratio of 14.86 and a beta of 0.84. 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 0.28, a current ratio of 0.96 and a quick ratio of 0.96.

Independent Bank (NASDAQ:INDB) last announced its 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 company had revenue of $178.04 million for the quarter, compared to analysts’ expectations of $175.03 million. Independent Bank had a net margin of 19.12% and a return on equity of 6.41%. Research analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were paid a dividend of $0.59 per share. The ex-dividend date was Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.58%. Independent Bank’s dividend payout ratio is currently 53.15%.

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.