Natixis Advisors LLC Invests $722,000 in Independent Bank Corp. (NASDAQ:INDB)

Natixis Advisors LLC acquired a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 11,252 shares of the bank's stock, valued at approximately $722,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Independent Bank during the third quarter worth $222,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Independent Bank by 4.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank's stock worth $30,964,000 after acquiring an additional 22,919 shares in the last quarter. Citigroup Inc. grew its position in shares of Independent Bank by 3.2% during the 3rd quarter. Citigroup Inc. now owns 83,159 shares of the bank's stock valued at $4,917,000 after acquiring an additional 2,585 shares during the period. Cerity Partners LLC grew its position in shares of Independent Bank by 46.0% during the 3rd quarter. Cerity Partners LLC now owns 15,248 shares of the bank's stock valued at $902,000 after acquiring an additional 4,805 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Independent Bank in the 3rd quarter valued at about $1,148,000. Institutional investors and hedge funds own 83.40% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on INDB. Raymond James reiterated a "strong-buy" rating and set a $78.00 price target (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. 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 research report on Tuesday, January 21st. Finally, StockNews.com raised shares of Independent Bank from a "sell" rating to a "hold" rating in a report on Tuesday, March 25th.

Insider Activity

In related 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 transaction of $44,819.20. Following the completion of the sale, the director now 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 is accessible through the SEC website. Company insiders own 0.87% of the company's stock.

Independent Bank Price Performance

INDB stock traded down $1.51 during trading on Friday, hitting $63.19. The stock had a trading volume of 167,662 shares, compared to its average volume of 279,439. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The company's 50-day moving average price is $66.40 and its two-hundred day moving average price is $65.73. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $2.69 billion, a P/E ratio of 13.98 and a beta of 0.77.

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

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.59 per share. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date is Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.73%. Independent Bank's dividend payout ratio is presently 52.21%.

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.