19,409 Shares in Independent Bank Corp. (NASDAQ:INDB) Acquired by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd purchased a new stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 19,409 shares of the bank's stock, valued at approximately $1,148,000.

Other hedge funds also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new position in Independent Bank during the second quarter worth $73,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Independent Bank during the 3rd quarter worth $222,000. Los Angeles Capital Management LLC purchased a new stake in shares of Independent Bank during the 3rd quarter valued at about $257,000. Profund Advisors LLC purchased a new position in shares of Independent Bank in the second quarter valued at $229,000. Finally, Vanguard Personalized Indexing Management LLC grew its position in shares of Independent Bank by 29.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank's stock worth $273,000 after buying an additional 1,231 shares in the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Trading Up 0.2 %

Shares of INDB traded up $0.18 during midday trading on Wednesday, hitting $73.54. The stock had a trading volume of 36,545 shares, compared to its average volume of 280,987. The business has a 50-day simple moving average of $64.35 and a two-hundred day simple moving average of $58.37. The firm has a market cap of $3.12 billion, a P/E ratio of 15.95 and a beta of 0.73. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23.

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

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank's dividend payout ratio is currently 49.57%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods boosted their price objective on Independent Bank from $62.00 to $65.00 and gave the stock a "market perform" rating in a research note on Monday, October 21st. Raymond James raised shares of 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 note on Monday, October 21st. Finally, StockNews.com cut shares of Independent Bank from a "hold" rating to a "sell" rating in a report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Independent Bank currently has an average rating of "Moderate Buy" and a consensus price target of $69.50.

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.