Charles Schwab Investment Management Inc. Acquires 22,919 Shares of Independent Bank Corp. (NASDAQ:INDB)

Charles Schwab Investment Management Inc. increased its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 4.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 523,659 shares of the bank's stock after buying an additional 22,919 shares during the period. Charles Schwab Investment Management Inc. owned 1.23% of Independent Bank worth $30,964,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Innealta Capital LLC bought a new stake in shares of Independent Bank during the 2nd quarter worth about $73,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Independent Bank in the 3rd quarter valued at about $222,000. Los Angeles Capital Management LLC bought a new stake in Independent Bank in the 3rd quarter valued at about $257,000. Profund Advisors LLC bought a new stake in Independent Bank in the 2nd quarter valued at about $229,000. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in Independent Bank by 29.7% in the 2nd 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 during the period. Institutional investors own 83.40% of the company's stock.

Analyst Ratings Changes

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

Independent Bank Trading Up 1.1 %

Shares of INDB traded up $0.76 during trading hours on Wednesday, hitting $72.34. 187,730 shares of the stock were exchanged, compared to its average volume of 279,968. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. The business has a 50-day moving average of $65.50 and a 200-day moving average of $59.07. The firm has a market capitalization of $3.07 billion, a P/E ratio of 15.53 and a beta of 0.76.

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

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank's dividend payout ratio is presently 49.57%.

About Independent Bank

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.