9,040 Shares in Independent Bank Corp. (NASDAQ:INDB) Acquired by Centiva Capital LP

Centiva Capital LP bought a new stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,040 shares of the bank's stock, valued at approximately $535,000.

Several other hedge funds and other institutional investors have also made changes to their positions in INDB. Innealta Capital LLC acquired a new stake in shares of Independent Bank in the 2nd quarter worth $73,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Independent Bank in the 3rd quarter valued at $222,000. Profund Advisors LLC purchased a new stake in Independent Bank during the second quarter worth about $229,000. Los Angeles Capital Management LLC purchased a new position in shares of Independent Bank in the third quarter valued at approximately $257,000. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in shares of Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank's stock valued at $273,000 after purchasing an additional 1,231 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Raymond James upgraded shares of Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 target price on the stock in a report on Monday, October 21st. Keefe, Bruyette & Woods lifted their price target on Independent Bank from $65.00 to $77.00 and gave the stock a "market perform" rating in a report on Wednesday. Finally, StockNews.com lowered Independent Bank from a "hold" rating to a "sell" rating in a research report on Tuesday, September 17th. One analyst has rated the stock with a sell rating, one has given a hold rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $75.50.

Independent Bank Stock Performance

NASDAQ INDB traded up $0.34 during trading hours on Friday, hitting $71.77. 117,037 shares of the stock were exchanged, compared to its average volume of 245,889. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $77.23. The company has a market cap of $3.05 billion, a price-to-earnings ratio of 15.60 and a beta of 0.76. The stock has a 50-day moving average of $66.28 and a 200 day moving average of $59.46.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The company had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. During the same period in the prior year, the business posted $1.38 earnings per share. As a group, equities research analysts forecast that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.18%. Independent Bank's dividend payout ratio is currently 49.57%.

Independent Bank Company 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.