Independent Bank Corp. (NASDAQ:INDB) Shares Sold by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury cut its stake in Independent Bank Corp. (NASDAQ:INDB) by 43.8% during the 4th quarter, HoldingsChannel reports. The fund owned 19,562 shares of the bank’s stock after selling 15,238 shares during the period. State of Tennessee Department of Treasury’s holdings in Independent Bank were worth $1,256,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC acquired a new stake in Independent Bank in the fourth quarter valued at $62,000. Smartleaf Asset Management LLC raised its holdings in Independent Bank by 105.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock valued at $68,000 after acquiring an additional 542 shares in the last quarter. 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 raised its holdings in shares of Independent Bank by 34.5% during the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after purchasing an additional 490 shares during the period. Finally, ST Germain D J Co. Inc. raised its holdings in shares of Independent Bank by 364.9% during the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after purchasing an additional 1,737 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Independent Bank from $80.00 to $72.00 and set a “market perform” rating on the stock in a report on Monday, April 21st. Piper Sandler dropped their target price on shares of Independent Bank from $74.00 to $63.00 and set a “neutral” rating on the stock in a report on Monday, April 21st. 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 report on Tuesday, January 21st. Finally, StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Saturday, April 26th. One equities 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’s stock. According to MarketBeat.com, Independent Bank has an average rating of “Moderate Buy” and a consensus target price of $71.00.

Independent Bank Stock Performance

Shares of NASDAQ INDB opened at $59.09 on Thursday. 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 has a 50 day simple moving average of $60.87 and a 200-day simple moving average of $65.22. The company has a market cap of $2.52 billion, a PE ratio of 13.07 and a beta of 0.84. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $77.23.

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

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Monday, March 31st were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, March 31st. 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 3.99%. Independent Bank’s payout ratio is currently 53.15%.

Insider Transactions at Independent Bank

In other Independent Bank 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 value of $44,819.20. Following the completion of the sale, the director now directly 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 SEC, which is available at this hyperlink. 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.