Voloridge Investment Management LLC Purchases 4,798 Shares of Independent Bank Corp. (NASDAQ:INDB)

Voloridge Investment Management LLC raised its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 209,963 shares of the bank’s stock after acquiring an additional 4,798 shares during the quarter. Voloridge Investment Management LLC owned approximately 0.49% of Independent Bank worth $13,478,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Dimensional Fund Advisors LP raised its stake in Independent Bank by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank’s stock valued at $148,835,000 after purchasing an additional 36,335 shares during the period. Deprince Race & Zollo Inc. grew its holdings in Independent Bank by 687.2% during the 4th quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank’s stock valued at $60,868,000 after buying an additional 827,793 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Independent Bank by 4.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank’s stock valued at $34,980,000 after buying an additional 21,289 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Independent Bank by 10.9% in the fourth quarter. American Century Companies Inc. now owns 469,359 shares of the bank’s stock worth $30,128,000 after buying an additional 46,046 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Independent Bank during the fourth quarter worth $28,810,000. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Stock Performance

Shares of NASDAQ:INDB opened at $60.78 on Friday. The firm has a fifty day simple moving average of $60.18 and a two-hundred day simple moving average of $65.21. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. 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 stock has a market capitalization of $2.59 billion, a P/E ratio of 13.45 and a beta of 0.82.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.12). Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. The company had revenue of $178.04 million for the quarter, compared to analysts’ expectations of $175.03 million. On average, analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced 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. This represents a $2.36 annualized dividend and a dividend yield of 3.88%. This is an increase from Independent Bank’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Monday, March 31st. Independent Bank’s dividend payout ratio (DPR) is 53.15%.

Analyst Ratings Changes

A number of brokerages have issued reports on INDB. Piper Sandler reduced their price target 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. Keefe, Bruyette & Woods reduced their target price on Independent Bank from $80.00 to $72.00 and set a “market perform” rating on the stock in a report on Monday, April 21st. Finally, Wall Street Zen downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Saturday, April 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $71.00.

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.