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.
View Our Latest Stock Report on Independent Bank
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
(
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.
Further Reading
Before you consider Independent Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Independent Bank wasn't on the list.
While Independent Bank currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know? MarketBeat just compiled its list of the twelve stocks that corporate insiders are abandoning. Complete the form below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
