Charles Schwab Investment Management Inc. Grows Stake in Independent Bank Corp. (NASDAQ:INDB)

Charles Schwab Investment Management Inc. lifted its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 4.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 544,948 shares of the bank's stock after acquiring an additional 21,289 shares during the period. Charles Schwab Investment Management Inc. owned 1.28% of Independent Bank worth $34,980,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in INDB. CIBC Asset Management Inc grew its holdings in shares of Independent Bank by 3.9% during the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock valued at $270,000 after buying an additional 158 shares during the last quarter. GHP Investment Advisors Inc. grew its stake in Independent Bank by 0.7% during the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock valued at $2,083,000 after purchasing an additional 236 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of 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 valued at $4,911,000 after purchasing an additional 285 shares during the period. Stablepoint Partners LLC raised its stake in shares of Independent Bank by 1.6% in the fourth quarter. Stablepoint Partners LLC now owns 23,394 shares of the bank's stock worth $1,502,000 after purchasing an additional 361 shares during the last quarter. Finally, HighTower Advisors LLC lifted its holdings in shares of Independent Bank by 6.8% during the third quarter. HighTower Advisors LLC now owns 6,556 shares of the bank's stock worth $383,000 after purchasing an additional 415 shares during the period. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Activity at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the sale, the director now directly owns 12,516 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.87% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on INDB. Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $82.00 to $80.00 and set a "market perform" rating for the company in a research report on Tuesday, January 21st. StockNews.com raised shares of Independent Bank from a "sell" rating to a "hold" rating in a report on Saturday, March 15th. Finally, Raymond James reaffirmed a "strong-buy" rating and issued a $78.00 price target (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st.

Independent Bank Stock Performance

Shares of NASDAQ:INDB traded down $0.99 during trading on Thursday, hitting $63.06. 137,013 shares of the stock traded hands, compared to its average volume of 245,913. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average price of $66.27 and a two-hundred day moving average price of $65.52. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23. The company has a market cap of $2.69 billion, a price-to-earnings ratio of 14.03 and a beta of 0.77.

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 for the quarter, beating analysts' consensus estimates 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, equities analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

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.