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

Proficio Capital Partners LLC bought a new stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 23,600 shares of the bank's stock, valued at approximately $1,515,000. Proficio Capital Partners LLC owned about 0.06% of Independent Bank at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in shares of Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock valued at $20,024,000 after buying an additional 126,791 shares in the last quarter. Verition Fund Management LLC lifted its holdings in shares of Independent Bank by 1,697.7% during the third quarter. Verition Fund Management LLC now owns 132,435 shares of the bank's stock valued at $7,831,000 after purchasing an additional 125,068 shares during the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new position in shares of Independent Bank in the third quarter worth about $5,802,000. New York State Common Retirement Fund increased its position in shares of Independent Bank by 681.3% in the fourth quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank's stock worth $6,511,000 after acquiring an additional 88,448 shares in the last quarter. Finally, Algert Global LLC raised its holdings in shares of Independent Bank by 172.4% during the third quarter. Algert Global LLC now owns 138,146 shares of the bank's stock valued at $8,169,000 after acquiring an additional 87,440 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

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Independent Bank Stock Down 3.7 %

Shares of NASDAQ:INDB traded down $2.36 during midday trading on Monday, hitting $60.72. 542,515 shares of the stock were exchanged, compared to its average volume of 250,500. The business's fifty day simple moving average is $66.43 and its two-hundred day simple moving average is $65.54. 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 52-week low of $45.11 and a 52-week high of $77.23. The company has a market capitalization of $2.59 billion, a PE ratio of 13.43 and a beta of 0.77.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, topping the consensus estimate 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, research analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend was Monday, December 30th. Independent Bank's payout ratio is 50.44%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on INDB. StockNews.com cut shares of Independent Bank from a "hold" rating to a "sell" rating in a research report on Friday. Raymond James reissued a "strong-buy" rating and set a $78.00 price target (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods decreased their price objective 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Independent Bank has an average rating of "Moderate Buy" and a consensus target price of $79.00.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the business's stock in a transaction on 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 transaction, the director now owns 12,516 shares of the company's stock, valued at $876,495.48. The trade was a 4.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate 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.