Ieq Capital LLC boosted its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 120.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,890 shares of the bank's stock after purchasing an additional 7,582 shares during the period. Ieq Capital LLC's holdings in Independent Bank were worth $892,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC bought a new position in Independent Bank in the 4th quarter worth about $62,000. KBC Group NV grew its stake in Independent Bank by 34.5% in the 4th quarter. KBC Group NV now owns 1,911 shares of the bank's stock worth $123,000 after acquiring an additional 490 shares in the last quarter. ST Germain D J Co. Inc. grew its stake in Independent Bank by 364.9% in the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank's stock worth $142,000 after acquiring an additional 1,737 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Independent Bank in the 3rd quarter worth about $222,000. Finally, Relyea Zuckerberg Hanson LLC bought a new position in Independent Bank in the 4th quarter worth about $250,000. 83.40% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the stock. StockNews.com upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods dropped their target price 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. Finally, Raymond James reiterated a "strong-buy" rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $79.00.
Check Out Our Latest Stock Report on Independent Bank
Insider Buying and Selling at Independent Bank
In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the firm's stock in a transaction that occurred 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 directly owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.87% of the stock is owned by insiders.
Independent Bank Stock Up 1.0 %
INDB stock traded up $0.69 during trading on Friday, hitting $68.56. 292,984 shares of the company's stock traded hands, compared to its average volume of 256,389. The firm has a market capitalization of $2.91 billion, a P/E ratio of 15.17 and a beta of 0.77. The business has a fifty day simple moving average of $66.53 and a two-hundred day simple moving average of $65.25. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. 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 data on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) 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 anticipate that Independent Bank Corp. will post 5.41 EPS for the current year.
Independent Bank Announces Dividend
The company also recently announced 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 of this dividend was Monday, December 30th. This represents a $2.28 annualized dividend and a yield of 3.33%. Independent Bank's dividend payout ratio (DPR) is 50.44%.
Independent Bank Profile
(
Free Report)
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.
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