Vanguard Group Inc. Raises Position in Independent Bank Corp. $INDB

Vanguard Group Inc. raised its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,134,903 shares of the bank’s stock after acquiring an additional 116,820 shares during the quarter. Vanguard Group Inc. owned approximately 12.05% of Independent Bank worth $321,702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of INDB. Wells Fargo & Company MN boosted its stake in shares of Independent Bank by 12.0% during the 4th quarter. Wells Fargo & Company MN now owns 27,745 shares of the bank’s stock worth $1,781,000 after acquiring an additional 2,966 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Independent Bank by 13.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 21,362 shares of the bank’s stock valued at $1,371,000 after purchasing an additional 2,578 shares during the period. Bank of Montreal Can raised its position in shares of Independent Bank by 11.7% during the 4th quarter. Bank of Montreal Can now owns 6,889 shares of the bank’s stock valued at $442,000 after purchasing an additional 723 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Independent Bank during the 4th quarter valued at $1,646,000. Finally, Sterling Capital Management LLC raised its position in shares of Independent Bank by 810.2% during the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after purchasing an additional 1,191 shares during the period. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

Shares of NASDAQ INDB opened at $66.08 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $3.30 billion, a P/E ratio of 14.92 and a beta of 0.87. The firm’s fifty day moving average is $64.96 and its two-hundred day moving average is $63.48. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $77.23.

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

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Monday, June 30th. Independent Bank’s payout ratio is currently 53.27%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on INDB shares. Piper Sandler decreased 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. Wall Street Zen upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Finally, Keefe, Bruyette & Woods decreased 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.

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.