Captrust Financial Advisors Sells 385 Shares of Independent Bank Corp. (NASDAQ:INDB)

Captrust Financial Advisors cut its holdings in Independent Bank Corp. (NASDAQ:INDB) by 2.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,805 shares of the bank’s stock after selling 385 shares during the period. Captrust Financial Advisors’ holdings in Independent Bank were worth $822,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Barclays PLC grew its position in Independent Bank by 75.0% during the third quarter. Barclays PLC now owns 94,976 shares of the bank’s stock worth $5,616,000 after buying an additional 40,697 shares in the last quarter. Franklin Resources Inc. acquired a new stake in Independent Bank during the third quarter worth about $2,060,000. Assenagon Asset Management S.A. acquired a new stake in Independent Bank during the fourth quarter worth about $5,586,000. Relyea Zuckerberg Hanson LLC acquired a new stake in Independent Bank during the fourth quarter worth about $250,000. Finally, Stablepoint Partners LLC grew its position in Independent Bank by 1.6% during the fourth quarter. Stablepoint Partners LLC now owns 23,394 shares of the bank’s stock worth $1,502,000 after buying an additional 361 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on INDB. Raymond James reissued a “strong-buy” rating and set a $78.00 target price (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods decreased their target price on 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. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a report on Saturday, April 26th. Finally, Piper Sandler decreased their price objective 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 equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Independent Bank has an average rating of “Moderate Buy” and an average target price of $71.00.

Independent Bank Stock Down 0.1%

NASDAQ INDB opened at $64.70 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock’s 50 day moving average is $60.22 and its two-hundred day moving average is $65.23. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of 14.31 and a beta of 0.82. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23.

Independent Bank (NASDAQ:INDB) last released 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 company had revenue of $178.04 million for the quarter, compared to analyst estimates of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Equities analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were issued a $0.59 dividend. This is an increase from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a dividend yield of 3.65%. The ex-dividend date was Monday, March 31st. Independent Bank’s payout ratio is presently 53.15%.

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.