Norges Bank Makes New Investment in Independent Bank Corp. (NASDAQ:INDB)

Norges Bank acquired a new stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 448,829 shares of the bank's stock, valued at approximately $28,810,000. Norges Bank owned about 1.06% of Independent Bank as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently modified their holdings of the company. FMR LLC raised its position in shares of Independent Bank by 312.3% during the third quarter. FMR LLC now owns 26,728 shares of the bank's stock worth $1,580,000 after purchasing an additional 20,246 shares during the period. BNP Paribas Financial Markets raised its holdings in Independent Bank by 106.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank's stock worth $1,483,000 after buying an additional 12,904 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Independent Bank by 9.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,418 shares of the bank's stock worth $557,000 after buying an additional 850 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Independent Bank by 0.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank's stock valued at $4,911,000 after buying an additional 285 shares in the last quarter. Finally, Captrust Financial Advisors boosted its holdings in shares of Independent Bank by 23.4% in the third quarter. Captrust Financial Advisors now owns 13,190 shares of the bank's stock worth $780,000 after buying an additional 2,498 shares during the period. Institutional investors and hedge funds own 83.40% of the company's stock.

Independent Bank Stock Down 1.3 %

Shares of INDB stock traded down $0.72 during trading on Friday, hitting $53.62. 420,426 shares of the company were exchanged, compared to its average volume of 283,185. The business's 50-day simple moving average is $64.10 and its 200 day simple moving average is $65.39. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of 11.86 and a beta of 0.84. 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 (NASDAQ:INDB - Get Free Report) last issued its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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, analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a yield of 4.40%. This is an increase from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's payout ratio is 52.21%.

Analyst Ratings Changes

A number of research firms have recently issued reports on INDB. StockNews.com upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a report on Tuesday, March 25th. Raymond James restated a "strong-buy" rating and issued a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods decreased their target price 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.

Insiders Place Their Bets

In related news, Director Donna L. Abelli sold 640 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the transaction, the director now owns 12,516 shares in the company, valued at approximately $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.87% of the company's stock.

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.