Proficio Capital Partners LLC Makes New $1.52 Million Investment in Independent Bank Corp. (NASDAQ:INDB)

Proficio Capital Partners LLC acquired a new position in Independent Bank Corp. (NASDAQ:INDB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 23,600 shares of the bank's stock, valued at approximately $1,515,000. Proficio Capital Partners LLC owned 0.06% of Independent Bank at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC acquired a new position in shares of Independent Bank in the 4th quarter valued at about $62,000. Smartleaf Asset Management LLC boosted its stake in Independent Bank by 105.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank's stock valued at $68,000 after acquiring an additional 542 shares during the period. KBC Group NV grew its holdings in shares of Independent Bank by 34.5% during the fourth quarter. KBC Group NV now owns 1,911 shares of the bank's stock valued at $123,000 after purchasing an additional 490 shares during the last quarter. ST Germain D J Co. Inc. raised its position in shares of Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank's stock worth $142,000 after purchasing an additional 1,737 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Independent Bank in the 3rd quarter worth approximately $222,000. Institutional investors own 83.40% of the company's stock.

Insider Activity

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the transaction, the director now directly owns 12,516 shares of the company's stock, valued at $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.87% of the stock is owned by insiders.

Remove Ads

Independent Bank Stock Performance

INDB stock traded up $2.08 during trading on Monday, reaching $65.15. 317,805 shares of the company's stock were exchanged, compared to its average volume of 250,492. The firm has a market cap of $2.78 billion, a PE ratio of 14.41 and a beta of 0.77. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The company's fifty day moving average price is $66.34 and its 200-day moving average price is $65.56.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced 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%. On average, research analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.59 per share. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a yield of 3.62%. The ex-dividend date of this dividend is Monday, March 31st. Independent Bank's dividend payout ratio (DPR) is presently 50.44%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on INDB shares. Keefe, Bruyette & Woods dropped 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. StockNews.com upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a research report on Saturday, March 15th. Finally, 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 research report on Tuesday, January 21st.

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.