BNP Paribas Financial Markets Sells 5,994 Shares of Independent Bank Corp. (NASDAQ:INDB)

BNP Paribas Financial Markets trimmed its position in Independent Bank Corp. (NASDAQ:INDB) by 23.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 19,083 shares of the bank’s stock after selling 5,994 shares during the period. BNP Paribas Financial Markets’ holdings in Independent Bank were worth $1,225,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in shares of 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 buying an additional 36,335 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Independent Bank by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank’s stock valued at $34,980,000 after acquiring an additional 21,289 shares during the last quarter. American Century Companies Inc. boosted its position in Independent Bank by 10.9% in the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank’s stock worth $30,128,000 after purchasing an additional 46,046 shares during the last quarter. Norges Bank bought a new position in Independent Bank in the 4th quarter valued at $28,810,000. Finally, Invesco Ltd. increased its position in shares of Independent Bank by 9.3% during the 4th quarter. Invesco Ltd. now owns 444,703 shares of the bank’s stock valued at $28,545,000 after purchasing an additional 37,941 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

Independent Bank Price Performance

NASDAQ INDB opened at $64.64 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The company has a market cap of $2.75 billion, a PE ratio of 14.30 and a beta of 0.82. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The firm’s 50-day simple moving average is $60.28 and its two-hundred day simple moving average is $65.27.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 EPS 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 business had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. Research 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 declared a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were issued a $0.59 dividend. This is a positive change from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend was Monday, March 31st. Independent Bank’s dividend payout ratio (DPR) is presently 53.15%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Piper Sandler reduced their price target 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. Keefe, Bruyette & Woods dropped 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 note on Monday, April 21st. Raymond James restated a “strong-buy” rating and set a $78.00 price target (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Saturday, April 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Independent Bank presently has an average rating of “Moderate Buy” and a consensus target price 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.