Intech Investment Management LLC lifted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 54.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,531 shares of the bank's stock after buying an additional 14,300 shares during the period. Intech Investment Management LLC owned approximately 0.10% of Independent Bank worth $2,602,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the business. CIBC Asset Management Inc raised its stake in Independent Bank by 3.9% during the 4th quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock valued at $270,000 after buying an additional 158 shares during the last quarter. GHP Investment Advisors Inc. increased its position in Independent Bank by 0.7% during the fourth quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock valued at $2,083,000 after acquiring an additional 236 shares during the last quarter. Isthmus Partners LLC lifted its holdings in Independent Bank by 0.7% in the fourth quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock valued at $2,395,000 after acquiring an additional 245 shares during the period. HighTower Advisors LLC boosted its position in Independent Bank by 4.1% in the fourth quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock worth $438,000 after purchasing an additional 267 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Independent Bank by 0.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank's stock valued at $4,911,000 after purchasing an additional 285 shares during the period. 83.40% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Independent Bank
In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the transaction, the director now owns 12,516 shares in the company, valued at $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.87% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on the stock. Raymond James reissued 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 upgraded Independent Bank from a "sell" rating to a "hold" rating in a research note on Saturday, March 15th. Finally, Keefe, Bruyette & Woods decreased their target price on Independent Bank from $82.00 to $80.00 and set a "market perform" rating on the stock in a report on Tuesday, January 21st.
Check Out Our Latest Stock Analysis on INDB
Independent Bank Price Performance
Shares of NASDAQ INDB traded up $2.08 during mid-day trading on Monday, reaching $65.15. The company's stock had a trading volume of 317,805 shares, compared to its average volume of 250,492. The stock has a fifty day moving average of $66.34 and a two-hundred day moving average of $65.56. The firm has a market capitalization of $2.78 billion, a PE ratio of 14.41 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 current ratio of 0.95 and a quick ratio of 0.95.
Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping analysts' consensus estimates of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, sell-side analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.
Independent Bank Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be given a dividend of $0.59 per share. This is a boost from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a yield of 3.62%. Independent Bank's payout ratio is 50.44%.
About Independent Bank
(
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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