Bank of America Corp DE Grows Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Bank of America Corp DE lifted its holdings in Independent Bank Corp. (NASDAQ:INDB) by 11.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 354,168 shares of the bank’s stock after acquiring an additional 35,165 shares during the quarter. Bank of America Corp DE owned 0.83% of Independent Bank worth $22,734,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in Independent Bank by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank’s stock worth $148,835,000 after purchasing an additional 36,335 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Independent Bank by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank’s stock valued at $34,980,000 after purchasing an additional 21,289 shares during the period. American Century Companies Inc. boosted its holdings in Independent Bank by 10.9% during the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank’s stock worth $30,128,000 after buying an additional 46,046 shares in the last quarter. Norges Bank purchased a new stake in Independent Bank during the fourth quarter worth $28,810,000. Finally, Invesco Ltd. grew its position in Independent Bank by 9.3% during the fourth quarter. Invesco Ltd. now owns 444,703 shares of the bank’s stock valued at $28,545,000 after buying an additional 37,941 shares during the period. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on INDB shares. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Saturday, April 26th. Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $80.00 to $72.00 and set a “market perform” rating for the company in a report on Monday, April 21st. Piper Sandler reduced their price objective on shares of Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a research report on Monday, April 21st. Finally, Raymond James reaffirmed a “strong-buy” rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $71.00.

Independent Bank Stock Down 0.1%

NASDAQ INDB opened at $64.70 on Monday. The business has a fifty day moving average price of $60.22 and a 200 day moving average price of $65.25. 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 company has a market cap of $2.76 billion, a P/E ratio of 14.31 and a beta of 0.82. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.12). Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. The company had revenue of $178.04 million for the quarter, compared to analyst estimates of $175.03 million. Research analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were given a dividend of $0.59 per share. This is a boost from Independent Bank’s previous quarterly dividend of $0.57. The ex-dividend date was Monday, March 31st. This represents a $2.36 annualized dividend and a dividend yield of 3.65%. Independent Bank’s payout ratio is presently 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.