Amundi Has $1.34 Million Holdings in Independent Bank Corp. (NASDAQ:INDB)

Amundi raised its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 186.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,419 shares of the bank's stock after purchasing an additional 13,940 shares during the period. Amundi owned about 0.05% of Independent Bank worth $1,335,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in shares of Independent Bank by 59.8% during the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock valued at $20,024,000 after acquiring an additional 126,791 shares during the period. Verition Fund Management LLC boosted its holdings in shares of Independent Bank by 1,697.7% during the third quarter. Verition Fund Management LLC now owns 132,435 shares of the bank's stock valued at $7,831,000 after acquiring an additional 125,068 shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new position in shares of Independent Bank during the third quarter valued at $5,802,000. New York State Common Retirement Fund boosted its holdings in shares of Independent Bank by 681.3% during the fourth quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank's stock valued at $6,511,000 after acquiring an additional 88,448 shares during the period. Finally, Algert Global LLC boosted its holdings in shares of Independent Bank by 172.4% during the third quarter. Algert Global LLC now owns 138,146 shares of the bank's stock valued at $8,169,000 after acquiring an additional 87,440 shares during the period. Institutional investors own 83.40% of the company's stock.

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Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $876,495.48. This represents a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.87% of the stock is owned by corporate insiders.

Independent Bank Stock Performance

INDB stock remained flat at $63.07 during trading on Friday. 1,456,405 shares of the company traded hands, compared to its average volume of 249,933. The company has a market capitalization of $2.69 billion, a price-to-earnings ratio of 13.95 and a beta of 0.77. The firm has a fifty day moving average price of $66.34 and a 200 day moving average price of $65.51. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. 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 (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, topping 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%. As a group, equities analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.74%. This is an increase from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Monday, March 31st. Independent Bank's dividend payout ratio is presently 50.44%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on INDB shares. Raymond James reissued a "strong-buy" rating and set a $78.00 price target (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 report on Saturday, March 15th. 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 for the company in a report on Tuesday, January 21st.

About Independent Bank

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.