Fisher Asset Management LLC Grows Position in Independent Bank Corp. (NASDAQ:INDB)

Fisher Asset Management LLC raised its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 58.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 188,385 shares of the bank's stock after buying an additional 69,753 shares during the quarter. Fisher Asset Management LLC owned about 0.44% of Independent Bank worth $12,092,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in INDB. Wealth Enhancement Advisory Services LLC grew its position in Independent Bank by 5.7% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 24,552 shares of the bank's stock valued at $1,452,000 after acquiring an additional 1,316 shares during the last quarter. US Bancorp DE lifted its stake in shares of Independent Bank by 45.1% in the 3rd quarter. US Bancorp DE now owns 10,001 shares of the bank's stock valued at $591,000 after acquiring an additional 3,107 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Independent Bank during the 3rd quarter valued at $257,000. Entropy Technologies LP bought a new stake in Independent Bank during the 3rd quarter worth $435,000. Finally, Aigen Investment Management LP increased its holdings in Independent Bank by 54.1% in the 3rd quarter. Aigen Investment Management LP now owns 9,008 shares of the bank's stock worth $533,000 after purchasing an additional 3,161 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares of the company's stock, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.87% of the company's stock.

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Analyst Upgrades and Downgrades

INDB has been the subject of a number of research reports. Raymond James reiterated a "strong-buy" rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. StockNews.com raised shares of Independent Bank from a "sell" rating to a "hold" rating in a research note on Friday, January 17th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Independent Bank from $82.00 to $80.00 and set a "market perform" rating on the stock in a research note on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $79.00.

Independent Bank Trading Down 0.7 %

Shares of Independent Bank stock traded down $0.42 on Friday, reaching $63.08. 236,224 shares of the company's stock were exchanged, compared to its average volume of 248,997. The company has a market capitalization of $2.68 billion, a P/E ratio of 13.96 and a beta of 0.77. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The firm's 50-day moving average is $66.47 and its two-hundred day moving average is $65.43.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Sell-side analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were paid a $0.57 dividend. The ex-dividend date was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.61%. Independent Bank's dividend payout ratio (DPR) is presently 50.44%.

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.