Independent Bank Corp. (NASDAQ:INDB) Stake Boosted by Intech Investment Management LLC

Intech Investment Management LLC raised its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 60.3% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 26,231 shares of the bank's stock after buying an additional 9,871 shares during the quarter. Intech Investment Management LLC owned approximately 0.06% of Independent Bank worth $1,551,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System raised its stake in shares of Independent Bank by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank's stock valued at $1,085,000 after purchasing an additional 200 shares in the last quarter. CWM LLC raised its stake in shares of Independent Bank by 2.7% during the second quarter. CWM LLC now owns 8,704 shares of the bank's stock valued at $441,000 after purchasing an additional 232 shares in the last quarter. Aries Wealth Management raised its stake in shares of Independent Bank by 1.5% during the second quarter. Aries Wealth Management now owns 16,122 shares of the bank's stock valued at $818,000 after purchasing an additional 232 shares in the last quarter. Stablepoint Partners LLC raised its stake in shares of Independent Bank by 1.2% during the third quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank's stock valued at $1,362,000 after purchasing an additional 283 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in shares of Independent Bank by 6.1% during the first quarter. Tidal Investments LLC now owns 9,184 shares of the bank's stock valued at $480,000 after purchasing an additional 532 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on INDB. Raymond James upgraded shares of Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 price objective on the stock in a research note on Monday, October 21st. Keefe, Bruyette & Woods lifted their target price on Independent Bank from $62.00 to $65.00 and gave the stock a "market perform" rating in a report on Monday, October 21st. Finally, StockNews.com lowered Independent Bank from a "hold" rating to a "sell" rating in a report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $69.50.

Independent Bank Price Performance

NASDAQ:INDB traded down $1.61 during mid-day trading on Tuesday, reaching $73.36. 145,937 shares of the stock were exchanged, compared to its average volume of 282,050. The business has a fifty day moving average price of $64.12 and a 200 day moving average price of $58.22. The firm has a market capitalization of $3.12 billion, a PE ratio of 16.30 and a beta of 0.73. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.99 by $0.02. The firm had revenue of $250.07 million for the quarter, compared to analysts' expectations of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same quarter last year, the business posted $1.38 EPS. Research analysts expect that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid 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 3.11%. Independent Bank's dividend payout ratio is currently 49.57%.

Independent Bank 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.