Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Centiva Capital LP

Centiva Capital LP decreased its holdings in Independent Bank Corp. (NASDAQ:INDB) by 29.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,398 shares of the bank’s stock after selling 2,642 shares during the period. Centiva Capital LP’s holdings in Independent Bank were worth $411,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Venturi Wealth Management LLC acquired a new position in Independent Bank during the 4th quarter worth $62,000. Smartleaf Asset Management LLC increased its stake in shares of Independent Bank by 105.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after buying an additional 542 shares during the period. Sterling Capital Management LLC raised its holdings in Independent Bank by 810.2% in the fourth quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after acquiring an additional 1,191 shares in the last quarter. KBC Group NV lifted its stake in Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after acquiring an additional 490 shares during the last quarter. Finally, ST Germain D J Co. Inc. grew its holdings in Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after acquiring an additional 1,737 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on INDB. Raymond James reaffirmed a “strong-buy” rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a report on Saturday, April 26th. Piper Sandler cut their target price on Independent Bank from $74.00 to $63.00 and set a “neutral” rating on the stock in a research report on Monday, April 21st. Finally, Keefe, Bruyette & Woods lowered their price target on Independent Bank from $80.00 to $72.00 and set a “market perform” rating for the company in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Independent Bank currently has an average rating of “Moderate Buy” and an average target price of $71.00.

Independent Bank Stock Down 0.2 %

Independent Bank stock opened at $61.83 on Friday. The company has a market capitalization of $2.63 billion, a P/E ratio of 13.68 and a beta of 0.82. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The stock has a 50-day simple moving average of $60.00 and a 200-day simple moving average of $65.18.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.12). The firm had revenue of $178.04 million during the quarter, compared to analysts’ expectations of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Equities research analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a $0.59 dividend. The ex-dividend date was Monday, March 31st. This is a positive change from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a yield of 3.82%. Independent Bank’s payout ratio is currently 53.15%.

Insider Activity

In other news, Director Donna L. Abelli sold 640 shares of the company’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares in the company, valued at $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.81% of the company’s stock.

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.