4,408 Shares in Independent Bank Corp. (NASDAQ:INDB) Purchased by CIBC Asset Management Inc (2024)

Posted by Defense World Staff on Jun 11th, 2024

4,408 Shares in Independent Bank Corp. (NASDAQ:INDB) Purchased by CIBC Asset Management Inc (1)CIBC Asset Management Inc bought a new stake in shares of Independent Bank Corp. (NASDAQ:INDBFree Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 4,408 shares of the bank’s stock, valued at approximately $290,000.

Several other institutional investors and hedge funds also recently bought and sold shares of INDB. Norges Bank acquired a new stake in shares of Independent Bank during the fourth quarter worth approximately $32,784,000. Clearbridge Investments LLC acquired a new stake in shares of Independent Bank during the 3rd quarter valued at $14,825,000. Hsbc Holdings PLC grew its holdings in shares of Independent Bank by 902.8% during the 4th quarter. Hsbc Holdings PLC now owns 268,315 shares of the bank’s stock valued at $17,730,000 after acquiring an additional 241,558 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Independent Bank by 10.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock worth $115,415,000 after acquiring an additional 164,254 shares during the last quarter. Finally, Crestwood Advisors Group LLC purchased a new stake in shares of Independent Bank during the third quarter worth $4,663,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Down 3.8 %

INDB stock opened at $47.78 on Tuesday. The firm has a market cap of $2.03 billion, a PE ratio of 9.22 and a beta of 0.80. Independent Bank Corp. has a 1 year low of $44.08 and a 1 year high of $68.75. The company has a fifty day simple moving average of $50.71 and a 200 day simple moving average of $55.05. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36.

Independent Bank (NASDAQ:INDBGet Free Report) last posted its earnings results on Thursday, April 18th. The bank reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.15 by ($0.03). The company had revenue of $167.38 million for the quarter, compared to the consensus estimate of $171.80 million. Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. Sell-side analysts anticipate that Independent Bank Corp. will post 4.46 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Monday, April 1st were issued a $0.57 dividend. This is a positive change from Independent Bank’s previous quarterly dividend of $0.55. This represents a $2.28 annualized dividend and a yield of 4.77%. The ex-dividend date was Thursday, March 28th. Independent Bank’s payout ratio is 44.02%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on INDB shares. Keefe, Bruyette & Woods lowered their target price on Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research note on Monday, April 22nd. TheStreet downgraded Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th.

View Our Latest Report on INDB

Independent Bank Company Profile

(Free Report)

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.

Further Reading

4,408 Shares in Independent Bank Corp. (NASDAQ:INDB) Purchased by CIBC Asset Management Inc (2)

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4,408 Shares in Independent Bank Corp. (NASDAQ:INDB) Purchased by CIBC Asset Management Inc (2024)
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