Cibc World Markets Corp bought a new stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,972 shares of the bank's stock, valued at approximately $255,000.
Several other large investors also recently modified their holdings of the stock. BNP Paribas Financial Markets raised its stake in shares of Independent Bank by 106.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank's stock valued at $1,483,000 after purchasing an additional 12,904 shares during the period. Centiva Capital LP bought a new position in Independent Bank in the third quarter valued at $535,000. JPMorgan Chase & Co. raised its position in Independent Bank by 59.8% during the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock valued at $20,024,000 after purchasing an additional 126,791 shares in the last quarter. Principal Financial Group Inc. lifted its position in Independent Bank by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank's stock worth $13,228,000 after buying an additional 5,792 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in Independent Bank in the 4th quarter worth approximately $5,586,000. Hedge funds and other institutional investors own 83.40% of the company's stock.
Independent Bank Stock Performance
INDB stock traded down $1.51 during midday trading on Friday, reaching $63.19. 167,662 shares of the company's stock traded hands, compared to its average volume of 279,439. The stock's 50-day moving average is $66.40 and its 200 day moving average is $65.68. The stock has a market cap of $2.69 billion, a P/E ratio of 13.98 and a beta of 0.77. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23.
Independent Bank (NASDAQ:INDB - Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current year.
Independent Bank Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Monday, March 31st will be given a $0.59 dividend. The ex-dividend date of this dividend is Monday, March 31st. This is an increase from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a yield of 3.73%. Independent Bank's dividend payout ratio (DPR) is currently 52.21%.
Analysts Set New Price Targets
INDB has been the subject of several recent research reports. StockNews.com upgraded Independent Bank from a "sell" rating to a "hold" rating in a research report on Tuesday. Keefe, Bruyette & Woods lowered their price objective on shares of Independent Bank from $82.00 to $80.00 and set a "market perform" rating for the company in a report on Tuesday, January 21st. Finally, Raymond James reaffirmed a "strong-buy" rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st.
Read Our Latest Research Report on Independent Bank
Insider Buying and Selling at Independent Bank
In other news, Director Donna L. Abelli sold 640 shares of the firm's stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the transaction, the director now owns 12,516 shares in the company, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.87% of the company's stock.
About Independent Bank
(
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.
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