Louisiana State Employees Retirement System Has $1.25 Million Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Louisiana State Employees Retirement System lowered its holdings in Independent Bank Corp. (NASDAQ:INDB) by 2.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 20,000 shares of the bank’s stock after selling 500 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Independent Bank were worth $1,253,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. New York State Common Retirement Fund grew its position in Independent Bank by 10.0% in the first quarter. New York State Common Retirement Fund now owns 111,615 shares of the bank’s stock valued at $6,993,000 after acquiring an additional 10,184 shares during the period. Xponance Inc. acquired a new position in Independent Bank in the first quarter valued at about $203,000. Cerity Partners LLC lifted its holdings in shares of Independent Bank by 426.0% in the first quarter. Cerity Partners LLC now owns 76,792 shares of the bank’s stock valued at $4,811,000 after purchasing an additional 62,192 shares in the last quarter. Banque Pictet & Cie SA bought a new stake in Independent Bank during the first quarter worth about $393,000. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Independent Bank by 4.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 22,303 shares of the bank’s stock worth $1,397,000 after acquiring an additional 941 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Up 2.4%

Shares of INDB stock opened at $65.69 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of 14.80 and a beta of 0.84. The company’s fifty day moving average price is $63.68 and its 200-day moving average price is $63.37. Independent Bank Corp. has a one year low of $52.15 and a one year 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 for the quarter, topping the consensus estimate of $1.20 by $0.05. Independent Bank had a net margin of 19.12% and a return on equity of 6.41%. The firm had revenue of $181.80 million during the quarter, compared to analysts’ expectations of $179.47 million. Sell-side analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

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

Analysts Set New Price Targets

INDB has been the topic of a number of analyst reports. Piper Sandler reduced their price target 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. Keefe, Bruyette & Woods lowered their price objective on Independent Bank from $80.00 to $72.00 and set a “market perform” rating for the company in a research report on Monday, April 21st. Finally, Wall Street Zen downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Saturday, April 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $71.00.

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.