Millennium Management LLC Has $8.82 Million Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Millennium Management LLC cut its holdings in Independent Bank Corp. (NASDAQ:INDB) by 46.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 137,320 shares of the bank’s stock after selling 118,222 shares during the quarter. Millennium Management LLC owned approximately 0.32% of Independent Bank worth $8,815,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. CIBC Asset Management Inc raised its stake in Independent Bank by 3.9% during the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank’s stock worth $270,000 after acquiring an additional 158 shares in the last quarter. GHP Investment Advisors Inc. increased its position in Independent Bank by 0.7% during the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank’s stock worth $2,083,000 after purchasing an additional 236 shares in the last quarter. Isthmus Partners LLC lifted its stake in Independent Bank by 0.7% in the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank’s stock valued at $2,395,000 after purchasing an additional 245 shares during the last quarter. HighTower Advisors LLC boosted its position in Independent Bank by 4.1% in the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank’s stock valued at $438,000 after buying an additional 267 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its stake in shares of Independent Bank by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,441 shares of the bank’s stock worth $285,000 after buying an additional 282 shares during the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $60.78 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The firm has a market cap of $2.59 billion, a PE ratio of 13.45 and a beta of 0.82. The firm’s fifty day moving average is $60.18 and its 200-day moving average is $65.12.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share (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 the consensus estimate of $175.03 million. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. 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 disclosed 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 represents a $2.36 dividend on an annualized basis and a dividend yield of 3.88%. This is an increase from Independent Bank’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Monday, March 31st. Independent Bank’s dividend payout ratio (DPR) is 53.15%.

Wall Street Analysts Forecast Growth

INDB has been the subject of a number of research reports. Wall Street Zen cut Independent Bank from a “hold” rating to a “sell” rating in a research note on Saturday, April 26th. Keefe, Bruyette & Woods dropped their target price on 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, Piper Sandler reduced their price target on Independent Bank from $74.00 to $63.00 and set a “neutral” rating on the stock in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Independent Bank currently has an average rating of “Moderate Buy” and an average 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.