JPMorgan Chase & Co. Decreases Stock Position in Independent Bank Corp. (NASDAQ:INDB)

JPMorgan Chase & Co. decreased its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 10.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 304,148 shares of the bank's stock after selling 34,492 shares during the period. JPMorgan Chase & Co. owned approximately 0.72% of Independent Bank worth $19,523,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of INDB. Venturi Wealth Management LLC purchased a new position in shares of Independent Bank in the 4th quarter valued at approximately $62,000. Smartleaf Asset Management LLC boosted its holdings in shares of Independent Bank by 105.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock valued at $68,000 after buying an additional 542 shares in the last quarter. KBC Group NV grew its position in shares of 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 buying an additional 490 shares during the period. ST Germain D J Co. Inc. increased its stake in shares of 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. Finally, Relyea Zuckerberg Hanson LLC purchased a new position in Independent Bank during the 4th quarter valued at about $250,000. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Performance

Shares of NASDAQ INDB traded down $0.05 during midday trading on Wednesday, hitting $55.19. 23,616 shares of the company's stock traded hands, compared to its average volume of 282,258. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The firm has a fifty day moving average of $63.51 and a 200 day moving average of $65.33. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 12.22 and a beta of 0.84.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were given a $0.59 dividend. This is an increase from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a dividend yield of 4.28%. The ex-dividend date was Monday, March 31st. Independent Bank's payout ratio is currently 52.21%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. StockNews.com raised Independent Bank from a "sell" rating to a "hold" rating in a research report on Tuesday, March 25th. Keefe, Bruyette & Woods lowered their price target on Independent Bank from $82.00 to $80.00 and set a "market perform" rating for the company in a research report on Tuesday, January 21st. Finally, Raymond James restated 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.

Insider Activity at Independent Bank

In related news, Director Donna L. Abelli sold 640 shares of the firm's stock in a transaction 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 transaction, the director now directly owns 12,516 shares of the company's stock, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.81% of the stock is owned by corporate insiders.

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.