Yousif Capital Management LLC Decreases Position in Independent Bank Corp. (NASDAQ:INDB)

Yousif Capital Management LLC cut its stake in Independent Bank Corp. (NASDAQ:INDB) by 2.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,723 shares of the bank’s stock after selling 379 shares during the quarter. Yousif Capital Management LLC’s holdings in Independent Bank were worth $985,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of INDB. Principal Financial Group Inc. raised its position in shares of Independent Bank by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank’s stock valued at $13,228,000 after buying an additional 5,792 shares during the period. CIBC Asset Management Inc grew its stake in shares of Independent Bank by 3.9% in the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank’s stock valued at $270,000 after buying an additional 158 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in shares of Independent Bank in the fourth quarter valued at $62,000. New York State Common Retirement Fund raised its holdings in shares of Independent Bank by 681.3% in the 4th quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank’s stock valued at $6,511,000 after buying an additional 88,448 shares during the period. Finally, Ieq Capital LLC lifted its stake in Independent Bank by 120.2% during the 4th quarter. Ieq Capital LLC now owns 13,890 shares of the bank’s stock worth $892,000 after acquiring an additional 7,582 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

INDB has been the subject of several research reports. Wall Street Zen downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Saturday, April 26th. Piper Sandler lowered 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 cut 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. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Independent Bank has a consensus rating of “Moderate Buy” and a consensus price target of $71.00.

Independent Bank Stock Performance

INDB opened at $61.26 on Thursday. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of 13.80 and a beta of 0.84. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.96 and a quick ratio of 0.96. The business has a fifty day moving average price of $60.82 and a 200 day moving average price of $63.98.

Independent Bank (NASDAQ:INDB) last released its earnings results 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 6.41% and a net margin of 19.12%. The company had revenue of $178.04 million for the quarter, compared to analyst estimates of $175.03 million. Sell-side analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 7th. Investors of record on Monday, June 30th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.85%. Independent Bank’s payout ratio is 53.15%.

Independent Bank 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.