M&T Bank Corp Has $299,000 Position in Independent Bank Corp. (NASDAQ:INDB)

M&T Bank Corp reduced its stake in Independent Bank Corp. (NASDAQ:INDB) by 4.0% during the first quarter, according to its most recent filing with the SEC. The fund owned 4,762 shares of the bank’s stock after selling 199 shares during the quarter. M&T Bank Corp’s holdings in Independent Bank were worth $299,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Deprince Race & Zollo Inc. increased its position in shares of Independent Bank by 687.2% in the fourth quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank’s stock worth $60,868,000 after purchasing an additional 827,793 shares during the last quarter. Norges Bank bought a new position in shares of Independent Bank during the fourth quarter valued at $28,810,000. Russell Investments Group Ltd. increased its holdings in Independent Bank by 302.5% in the 4th quarter. Russell Investments Group Ltd. now owns 162,206 shares of the bank’s stock worth $10,412,000 after buying an additional 121,906 shares in the last quarter. Leeward Investments LLC MA boosted its position in Independent Bank by 68.6% in the first quarter. Leeward Investments LLC MA now owns 293,736 shares of the bank’s stock worth $18,403,000 after purchasing an additional 119,471 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in shares of Independent Bank during the 4th quarter valued at about $3,207,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Stock Up 2.4%

Independent Bank stock opened at $65.69 on Friday. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $2.80 billion, a P/E ratio of 14.80 and a beta of 0.84. The stock has a 50-day simple moving average of $63.68 and a 200-day simple moving average of $63.37.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.05. The business had revenue of $181.80 million for the quarter, compared to analysts’ expectations of $179.47 million. Independent Bank had a return on equity of 6.41% and a net margin of 19.12%. Equities research analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date was Monday, June 30th. Independent Bank’s dividend payout ratio is presently 53.15%.

Analyst Ratings Changes

A number of analysts have issued reports on INDB shares. Wall Street Zen downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Saturday, April 26th. Keefe, Bruyette & Woods cut their price objective on 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 dropped their target price 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 investment 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, the stock presently has an average rating of “Moderate Buy” and an average target price of $71.00.

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.