Balyasny Asset Management L.P. Purchases 18,042 Shares of Independent Bank Corp. (NASDAQ:INDB)

Balyasny Asset Management L.P. raised its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 114.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,743 shares of the bank’s stock after acquiring an additional 18,042 shares during the period. Balyasny Asset Management L.P.’s holdings in Independent Bank were worth $2,166,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Norges Bank bought a new stake in shares of Independent Bank during the 4th quarter worth $28,810,000. Russell Investments Group Ltd. raised its stake in shares of Independent Bank by 302.5% during the 4th quarter. Russell Investments Group Ltd. now owns 162,206 shares of the bank’s stock worth $10,412,000 after purchasing an additional 121,906 shares during the period. New York State Common Retirement Fund raised its stake in shares of Independent Bank by 681.3% during the 4th quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank’s stock worth $6,511,000 after purchasing an additional 88,448 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Independent Bank during the 4th quarter worth $5,586,000. Finally, Fisher Asset Management LLC raised its stake in shares of Independent Bank by 58.8% during the 4th quarter. Fisher Asset Management LLC now owns 188,385 shares of the bank’s stock worth $12,092,000 after purchasing an additional 69,753 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Up 4.9%

INDB stock opened at $64.85 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $2.76 billion, a PE ratio of 14.35 and a beta of 0.82. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The stock has a 50-day simple moving average of $60.00 and a two-hundred day simple moving average of $65.22.

Independent Bank (NASDAQ:INDB) last posted its earnings results 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 analysts’ expectations of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. On average, equities analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date of this dividend was Monday, March 31st. This is a positive change from Independent Bank’s previous quarterly dividend of $0.57. Independent Bank’s payout ratio is presently 53.15%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on INDB shares. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research note on Saturday, April 26th. Keefe, Bruyette & Woods lowered their target price on Independent Bank from $80.00 to $72.00 and set a “market perform” rating on the stock in a research note on Monday, April 21st. Raymond James reissued a “strong-buy” rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, Piper Sandler decreased their price objective on Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a report on Monday, April 21st. 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 stock. Based on data from MarketBeat, Independent Bank currently has a consensus rating of “Moderate Buy” and an average price target of $71.00.

Independent Bank 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.