Hotchkis & Wiley Capital Management LLC Makes New $5.80 Million Investment in Independent Bank Corp. (NASDAQ:INDB)

Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 98,120 shares of the bank's stock, valued at approximately $5,802,000. Hotchkis & Wiley Capital Management LLC owned approximately 0.23% of Independent Bank at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Innealta Capital LLC bought a new stake in Independent Bank in the second quarter valued at about $73,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Independent Bank in the 3rd quarter valued at approximately $222,000. Profund Advisors LLC bought a new position in shares of Independent Bank during the 2nd quarter worth approximately $229,000. Los Angeles Capital Management LLC acquired a new stake in Independent Bank in the 3rd quarter valued at $257,000. Finally, Vanguard Personalized Indexing Management LLC grew its position in Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank's stock valued at $273,000 after acquiring an additional 1,231 shares during the period. Institutional investors own 83.40% of the company's stock.

Independent Bank Trading Up 0.5 %

Shares of INDB traded up $0.34 during trading hours on Friday, hitting $71.77. 117,037 shares of the stock traded hands, compared to its average volume of 278,896. The business has a fifty day moving average of $66.01 and a 200-day moving average of $59.25. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $3.05 billion, a PE ratio of 15.60 and a beta of 0.76. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year 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 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 company had revenue of $250.07 million during the quarter, compared to analysts' expectations of $173.24 million. During the same quarter in the previous year, the company earned $1.38 EPS. Analysts expect that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were issued a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.18%. Independent Bank's dividend payout ratio is presently 49.57%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. StockNews.com downgraded shares of Independent Bank from a "hold" rating to a "sell" rating in a research note on Tuesday, September 17th. Keefe, Bruyette & Woods increased their price target on Independent Bank from $65.00 to $77.00 and gave the stock a "market perform" rating in a research report on Wednesday. Finally, Raymond James raised Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 price target for the company in a report on Monday, October 21st. One 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 company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $75.50.

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.