PNC Financial Services Group Inc. Raises Stock Position in Independent Bank Corp. (NASDAQ:INDB)

PNC Financial Services Group Inc. increased its stake in Independent Bank Corp. (NASDAQ:INDB) by 3.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,616 shares of the bank’s stock after acquiring an additional 232 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Independent Bank were worth $414,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its holdings in Independent Bank by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank’s stock worth $148,835,000 after acquiring an additional 36,335 shares in the last quarter. Deprince Race & Zollo Inc. increased its holdings in Independent Bank by 687.2% in the 4th quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank’s stock worth $60,868,000 after acquiring an additional 827,793 shares in the last quarter. Invesco Ltd. increased its holdings in Independent Bank by 9.3% in the 4th quarter. Invesco Ltd. now owns 444,703 shares of the bank’s stock worth $28,545,000 after acquiring an additional 37,941 shares in the last quarter. Bank of America Corp DE increased its holdings in Independent Bank by 11.0% in the 4th quarter. Bank of America Corp DE now owns 354,168 shares of the bank’s stock worth $22,734,000 after acquiring an additional 35,165 shares in the last quarter. Finally, Leeward Investments LLC MA increased its holdings in Independent Bank by 68.6% in the 1st quarter. Leeward Investments LLC MA now owns 293,736 shares of the bank’s stock worth $18,403,000 after acquiring an additional 119,471 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

Independent Bank stock opened at $68.00 on Friday. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $77.23. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of 15.35 and a beta of 0.87. The company has a fifty day simple moving average of $64.91 and a 200-day simple moving average of $63.54. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.05. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The business had revenue of $181.80 million during the quarter, compared to analyst estimates of $179.47 million. On average, equities analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 annualized dividend and a dividend yield of 3.5%. Independent Bank’s payout ratio is presently 53.27%.

Analyst Upgrades and Downgrades

INDB has been the subject of several recent analyst reports. Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $80.00 to $72.00 and set a “market perform” rating for the company in a report on Monday, April 21st. Finally, Piper Sandler dropped their target price on shares of Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a report on Monday, April 21st.

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.