Deutsche Bank AG Buys 12,687 Shares of Independent Bank Corp. (NASDAQ:INDB)

Deutsche Bank AG lifted its position in Independent Bank Corp. (NASDAQ:INDB) by 51.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,276 shares of the bank’s stock after acquiring an additional 12,687 shares during the period. Deutsche Bank AG owned approximately 0.09% of Independent Bank worth $2,393,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Venturi Wealth Management LLC acquired a new stake in Independent Bank in the fourth quarter worth $62,000. Smartleaf Asset Management LLC increased its position 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 in the last quarter. Sterling Capital Management LLC increased its position in shares of Independent Bank by 810.2% in the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after buying an additional 1,191 shares in the last quarter. KBC Group NV raised its stake in 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 period. Finally, Cibc World Markets Corp bought a new position in Independent Bank during the fourth quarter worth about $255,000. Institutional investors own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on INDB. Piper Sandler lowered their price target on Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a report on Monday, April 21st. Keefe, Bruyette & Woods lowered their target price on Independent Bank from $80.00 to $72.00 and set a “market perform” rating for the company in a research note on Monday, April 21st. Finally, Wall Street Zen lowered shares of 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 issued a hold rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $71.00.

Independent Bank Stock Down 0.4%

Independent Bank stock opened at $61.18 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The company has a fifty day simple moving average of $60.24 and a 200 day simple moving average of $65.23. The company has a market cap of $2.61 billion, a P/E ratio of 13.54 and a beta of 0.82.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $175.03 million. Research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, March 31st. This is a boost from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a dividend yield of 3.86%. Independent Bank’s dividend payout ratio (DPR) 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.