Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its stake in Independent Bank Corp. (NASDAQ:INDB) by 1.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 887,272 shares of the bank’s stock after selling 14,818 shares during the period. Victory Capital Management Inc. owned about 2.08% of Independent Bank worth $55,588,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of INDB. GAMMA Investing LLC grew its stake in shares of Independent Bank by 156.9% during the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after purchasing an additional 262 shares in the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Independent Bank by 810.2% in the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank’s stock valued at $86,000 after buying an additional 1,191 shares in the last quarter. KBC Group NV grew its position in shares of Independent Bank by 15.3% in the 1st quarter. KBC Group NV now owns 2,204 shares of the bank’s stock valued at $138,000 after buying an additional 293 shares during the last quarter. Xponance Inc. purchased a new position in shares of Independent Bank in the 1st quarter valued at $203,000. Finally, Cibc World Markets Corp acquired a new stake in Independent Bank during the 4th quarter worth $255,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Trading Up 5.8%

Shares of INDB stock opened at $69.48 on Friday. The company has a market capitalization of $2.96 billion, a P/E ratio of 15.68 and a beta of 0.84. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average is $63.83 and its two-hundred day moving average is $63.40. Independent Bank Corp. has a twelve month low of $52.15 and a twelve month high of $77.23.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.05. The company had revenue of $181.80 million for the quarter, compared to analysts’ expectations of $179.47 million. Independent Bank had a return on equity of 6.43% and a net margin of 18.93%. Equities analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were issued a $0.59 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a yield of 3.40%. Independent Bank’s dividend payout ratio (DPR) is presently 53.15%.

Wall Street Analysts Forecast Growth

INDB has been the topic of a number of research reports. Keefe, Bruyette & Woods dropped their price target 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. Wall Street Zen upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Piper Sandler cut 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. Three investment analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average 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.