Principal Financial Group Inc. Boosts Holdings in Independent Bank Corp. (NASDAQ:INDB)

Principal Financial Group Inc. increased its holdings in Independent Bank Corp. (NASDAQ:INDB) by 2.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 211,600 shares of the bank’s stock after buying an additional 5,521 shares during the quarter. Principal Financial Group Inc. owned 0.50% of Independent Bank worth $13,257,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. KBC Group NV raised its stake in Independent Bank by 15.3% during the 1st quarter. KBC Group NV now owns 2,204 shares of the bank’s stock worth $138,000 after acquiring an additional 293 shares during the period. New York State Teachers Retirement System raised its stake in Independent Bank by 3.2% during the 1st quarter. New York State Teachers Retirement System now owns 35,706 shares of the bank’s stock worth $2,237,000 after acquiring an additional 1,121 shares during the period. GAMMA Investing LLC raised its stake in Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after acquiring an additional 262 shares during the period. Stifel Financial Corp bought a new stake in Independent Bank during the 4th quarter worth approximately $266,000. Finally, Natixis Advisors LLC bought a new stake in Independent Bank during the 4th quarter worth approximately $722,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on INDB shares. Wall Street Zen cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Saturday, April 26th. Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $80.00 to $72.00 and set a “market perform” rating on the stock in a research report on Monday, April 21st. Finally, Piper Sandler reduced their price objective on shares of Independent Bank from $74.00 to $63.00 and set a “neutral” rating on the stock in a research report on Monday, April 21st. One 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’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.00.

Independent Bank Trading Down 2.1%

Independent Bank stock opened at $65.98 on Friday. The firm’s 50 day moving average price is $63.38 and its 200-day moving average price is $63.35. Independent Bank Corp. has a 1 year low of $52.15 and a 1 year high of $77.23. The stock has a market cap of $2.81 billion, a P/E ratio of 14.86 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.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share 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 business had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. On average, equities analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 7th. Investors of record on Monday, June 30th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.58%. The ex-dividend date was Monday, June 30th. Independent Bank’s dividend payout ratio 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.