Eastern Bank Has $1.37 Million Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Eastern Bank reduced its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 4.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,846 shares of the bank’s stock after selling 906 shares during the period. Eastern Bank owned approximately 0.05% of Independent Bank worth $1,369,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings in shares of Independent Bank by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank’s stock worth $148,835,000 after buying an additional 36,335 shares in the last quarter. Deprince Race & Zollo Inc. increased its holdings in shares of Independent Bank by 687.2% during the fourth quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank’s stock worth $60,868,000 after buying an additional 827,793 shares in the last quarter. Norges Bank acquired a new position in shares of Independent Bank during the fourth quarter worth $28,810,000. Invesco Ltd. increased its holdings in shares of Independent Bank by 9.3% during the fourth quarter. Invesco Ltd. now owns 444,703 shares of the bank’s stock worth $28,545,000 after buying an additional 37,941 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Independent Bank by 11.0% during the fourth quarter. Bank of America Corp DE now owns 354,168 shares of the bank’s stock worth $22,734,000 after buying an additional 35,165 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Stock Performance

Shares of INDB opened at $64.26 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $2.74 billion, a P/E ratio of 14.51 and a beta of 0.84. The firm’s fifty day simple moving average is $64.21 and its two-hundred day simple moving average is $63.62. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $77.23.

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

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were given a dividend of $0.59 per share. The ex-dividend date was Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a yield of 3.67%. Independent Bank’s dividend payout ratio (DPR) is currently 53.27%.

Wall Street Analysts Forecast Growth

INDB has been the subject of several research analyst reports. Piper Sandler lowered their price target on shares of Independent Bank from $74.00 to $63.00 and set a “neutral” rating for the company in a report on Monday, April 21st. Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 18th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of 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.

About Independent Bank

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.