Nuveen Asset Management LLC Has $13.77 Million Position in Independent Bank Corp. (NASDAQ:INDB)

Nuveen Asset Management LLC lowered its stake in Independent Bank Corp. (NASDAQ:INDB) by 10.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 214,523 shares of the bank’s stock after selling 24,705 shares during the period. Nuveen Asset Management LLC owned 0.50% of Independent Bank worth $13,770,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Venturi Wealth Management LLC acquired a new stake in shares of Independent Bank in the fourth quarter valued at approximately $62,000. Smartleaf Asset Management LLC boosted its stake in Independent Bank by 105.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock valued at $68,000 after acquiring an additional 542 shares during the last quarter. Sterling Capital Management LLC boosted its stake in Independent Bank by 810.2% in the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after acquiring an additional 1,191 shares during the last quarter. KBC Group NV boosted its stake in Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after acquiring an additional 490 shares during the last quarter. Finally, Cibc World Markets Corp bought a new position in Independent Bank in the fourth quarter valued at approximately $255,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

INDB has been the topic of several recent research reports. Wall Street Zen lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Saturday, April 26th. Piper Sandler dropped 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 note on Monday, April 21st. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $71.00.

Independent Bank Price Performance

INDB stock opened at $60.78 on Tuesday. The company has a fifty day moving average price of $60.11 and a 200-day moving average price of $65.04. The company has a market capitalization of $2.59 billion, a P/E ratio of 13.45 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 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 (NASDAQ:INDB) last released its quarterly 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 business had revenue of $178.04 million for the quarter, compared to the consensus estimate of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, equities analysts expect that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were paid a dividend of $0.59 per share. The ex-dividend date was Monday, March 31st. This represents a $2.36 annualized dividend and a dividend yield of 3.88%. This is an increase from Independent Bank’s previous quarterly dividend of $0.57. Independent Bank’s dividend payout ratio (DPR) 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.