Dean Investment Associates LLC Raises Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Dean Investment Associates LLC boosted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 52.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 49,195 shares of the bank's stock after buying an additional 16,993 shares during the period. Dean Investment Associates LLC owned approximately 0.12% of Independent Bank worth $2,909,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Orion Portfolio Solutions LLC boosted its position in shares of Independent Bank by 30.8% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 6,097 shares of the bank's stock valued at $361,000 after acquiring an additional 1,436 shares during the last quarter. Zacks Investment Management purchased a new stake in Independent Bank in the third quarter valued at approximately $544,000. Jane Street Group LLC lifted its position in Independent Bank by 75.6% during the third quarter. Jane Street Group LLC now owns 62,158 shares of the bank's stock valued at $3,675,000 after purchasing an additional 26,765 shares during the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new position in Independent Bank in the 3rd quarter worth approximately $5,802,000. Finally, HighTower Advisors LLC increased its holdings in shares of Independent Bank by 6.8% in the 3rd quarter. HighTower Advisors LLC now owns 6,556 shares of the bank's stock worth $383,000 after buying an additional 415 shares during the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Stock Down 1.5 %

Shares of NASDAQ:INDB traded down $1.08 during trading on Monday, hitting $70.69. The stock had a trading volume of 326,989 shares, compared to its average volume of 279,099. The company has a market capitalization of $3.00 billion, a PE ratio of 15.37 and a beta of 0.76. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The firm's fifty day moving average is $66.51 and its 200 day moving average is $59.60. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 EPS 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 business had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. During the same quarter in the previous year, the firm posted $1.38 earnings per share. Analysts anticipate that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were paid a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.23%. Independent Bank's dividend payout ratio is presently 49.57%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. StockNews.com downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Tuesday, September 17th. 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 research note on Wednesday, December 4th. Finally, Raymond James upgraded Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 price objective on the stock in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Independent Bank has a consensus rating of "Moderate Buy" and an average target price of $75.50.

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.