5 Best Passive Income Stocks to Buy Now

4. Independent Bank Corp. (NASDAQ:INDB)

Independent Bank Corp. (NASDAQ:INDB) is an American bank holding company that provides a wide range of banking services to its consumers. In September, Keefe Bruyette raised its price target on the stock to $100 with an Outperform rating on the shares. The firm was positive on the company’s loan growth, recent acquisitions, and above-peer profitability.

In the second quarter of 2022, Independent Bank Corp. (NASDAQ:INDB) reported a sound cash position. The company’s operating cash flow stood at $97 million, up from $39 million during the same period last year. Its free cash flow jumped to $89 million, from $30 million in the prior-year quarter. The company’s revenue came in at $172.7 million, showing a 46% year-over-year growth.

Independent Bank Corp. (NASDAQ:INDB) maintains an 11-year track record of consistent dividend growth. It currently pays a quarterly dividend of $0.51 per share and has a dividend yield of 2.64%, as recorded on October 10.

At the end of Q2 2022, 9 hedge funds in Insider Monkey’s database owned stakes in Independent Bank Corp. (NASDAQ:INDB), down from 11 in the previous quarter. These stakes hold a consolidated value of over $63.4 million. Jim Simons and Ian Simm were the company’s leading stakeholders in Q2.