Independent Bank Corp. $INDB Stock Holdings Boosted by Russell Investments Group Ltd.

Russell Investments Group Ltd. increased its position in Independent Bank Corp. (NASDAQ:INDB) by 23.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 200,108 shares of the bank’s stock after acquiring an additional 37,902 shares during the period. Russell Investments Group Ltd. owned approximately 0.47% of Independent Bank worth $12,537,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of INDB. HighTower Advisors LLC boosted its position in Independent Bank by 3.3% during the 1st quarter. HighTower Advisors LLC now owns 7,049 shares of the bank’s stock worth $442,000 after acquiring an additional 226 shares during the period. Public Sector Pension Investment Board raised its stake in shares of Independent Bank by 27.3% during the first quarter. Public Sector Pension Investment Board now owns 134,734 shares of the bank’s stock valued at $8,441,000 after purchasing an additional 28,895 shares in the last quarter. Nuveen LLC acquired a new stake in Independent Bank in the first quarter worth about $13,414,000. Charles Schwab Investment Management Inc. grew its position in Independent Bank by 0.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 549,547 shares of the bank’s stock valued at $34,429,000 after buying an additional 4,599 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Independent Bank by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 5,134,903 shares of the bank’s stock valued at $321,702,000 after buying an additional 116,820 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Trading Down 2.8%

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

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

Independent Bank Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 annualized dividend and a yield of 3.6%. Independent Bank’s dividend payout ratio is 53.27%.

Analysts Set New Price Targets

INDB has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods cut their target price 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. Wall Street Zen raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Finally, Piper Sandler reduced their target price on 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 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.