Natixis Advisors L.P. Lowers Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Posted by Defense World Staff on Sep 4th, 2023

Natixis Advisors L.P. lessened its holdings in Independent Bank Corp. (NASDAQ:INDB – Free Report) by 27.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,660 shares of the bank’s stock after selling 10,866 shares during the quarter. Natixis Advisors L.P. owned 0.06% of Independent Bank worth $1,881,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. CI Investments Inc. purchased a new stake in Independent Bank in the 4th quarter valued at approximately $27,000. State of Wyoming boosted its holdings in Independent Bank by 44.4% in the 4th quarter. State of Wyoming now owns 543 shares of the bank’s stock valued at $46,000 after purchasing an additional 167 shares in the last quarter. Archer Investment Corp purchased a new stake in Independent Bank in the 1st quarter valued at approximately $54,000. Bessemer Group Inc. purchased a new stake in Independent Bank in the 1st quarter valued at approximately $118,000. Finally, FMR LLC boosted its stake in shares of Independent Bank by 7.9% during the 2nd quarter. FMR LLC now owns 1,854 shares of the bank’s stock worth $147,000 after acquiring an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 80.16% of the company’s stock.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $56.04 on Monday. The business’s 50 day simple moving average is $53.19 and its 200-day simple moving average is $57.38. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 9.28 and a beta of 0.82. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.94 and a quick ratio of 0.94. Independent Bank Corp. has a 12 month low of $43.28 and a 12 month high of $91.65.

Independent Bank (NASDAQ:INDB – Get Free Report) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.08. Independent Bank had a return on equity of 9.58% and a net margin of 31.75%. The firm had revenue of $183.30 million during the quarter, compared to the consensus estimate of $184.40 million. As a group, equities analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Investors of record on Monday, June 26th were given a dividend of $0.55 per share. The ex-dividend date of this dividend was Friday, June 23rd. This represents a $2.20 annualized dividend and a dividend yield of 3.93%. Independent Bank’s dividend payout ratio is currently 36.42%.

Analyst Ratings Changes

Separately, StockNews.com initiated coverage on Independent Bank in a research note on Thursday, August 17th. They set a “sell” rating on the stock.

View Our Latest Stock 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 primarily in Massachusetts. It accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.