Bank of New York Mellon Corp Cuts Holdings in Independent Bank Corp. (NASDAQ:INDB)

Bank of New York Mellon Corp cut its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 3.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 408,237 shares of the bank’s stock after selling 15,913 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.96% of Independent Bank worth $25,576,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in shares of Independent Bank by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 211,600 shares of the bank’s stock valued at $13,257,000 after buying an additional 5,521 shares in the last quarter. KBC Group NV lifted its stake in shares of Independent Bank by 15.3% during the 1st quarter. KBC Group NV now owns 2,204 shares of the bank’s stock valued at $138,000 after buying an additional 293 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock valued at $27,000 after buying an additional 262 shares in the last quarter. New York State Teachers Retirement System lifted its stake in shares of 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 valued at $2,237,000 after buying an additional 1,121 shares in the last quarter. Finally, Stifel Financial Corp purchased a new stake in shares of Independent Bank during the 4th quarter valued at approximately $266,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Stock Performance

Independent Bank stock opened at $64.17 on Thursday. The firm’s 50 day simple moving average is $63.60 and its 200 day simple moving average is $63.36. The firm has a market capitalization of $2.73 billion, a PE ratio of 14.45 and a beta of 0.84. Independent Bank Corp. has a 1-year low of $52.15 and a 1-year high of $77.23. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.28.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.12). The company had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. Independent Bank had a return on equity of 6.41% and a net margin of 19.12%. As a group, 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 declared a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date was Monday, June 30th. Independent Bank’s payout ratio is 53.15%.

Wall Street Analysts Forecast Growth

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