American Century Companies Inc. Purchases 46,046 Shares of Independent Bank Corp. (NASDAQ:INDB)

American Century Companies Inc. raised its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 10.9% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 469,359 shares of the bank's stock after acquiring an additional 46,046 shares during the period. American Century Companies Inc. owned approximately 1.10% of Independent Bank worth $30,128,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in INDB. CIBC Asset Management Inc grew its position in Independent Bank by 3.9% in the 4th quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock worth $270,000 after purchasing an additional 158 shares during the period. GHP Investment Advisors Inc. grew its holdings in shares of Independent Bank by 0.7% in the fourth quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock worth $2,083,000 after acquiring an additional 236 shares during the period. Isthmus Partners LLC increased its position in Independent Bank by 0.7% during the fourth quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock valued at $2,395,000 after acquiring an additional 245 shares during the last quarter. HighTower Advisors LLC lifted its holdings in Independent Bank by 4.1% in the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock valued at $438,000 after acquiring an additional 267 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Independent Bank by 0.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank's stock worth $4,911,000 after purchasing an additional 285 shares during the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

INDB has been the subject of several recent research reports. StockNews.com upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a research report on Tuesday, March 25th. Raymond James reissued a "strong-buy" rating and set a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods decreased their target price on Independent Bank from $82.00 to $80.00 and set a "market perform" rating on the stock in a report on Tuesday, January 21st.

Insider Buying and Selling

In other news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the sale, the director now owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.87% of the stock is owned by insiders.

Independent Bank Stock Performance

NASDAQ INDB traded up $0.40 on Wednesday, reaching $62.88. 207,382 shares of the stock were exchanged, compared to its average volume of 279,309. The firm has a market capitalization of $2.68 billion, a PE ratio of 13.91 and a beta of 0.77. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23. The company's 50-day simple moving average is $66.11 and its two-hundred day simple moving average is $65.74. 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 (NASDAQ:INDB - Get Free Report) last issued its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, topping 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%. Analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Monday, March 31st will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.75%. 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. Independent Bank's dividend payout ratio (DPR) is 52.21%.

Independent Bank 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.