Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by Quantbot Technologies LP

Quantbot Technologies LP increased its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 129.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,385 shares of the bank's stock after buying an additional 4,166 shares during the period. Quantbot Technologies LP's holdings in Independent Bank were worth $474,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in INDB. JPMorgan Chase & Co. increased its stake in Independent Bank by 59.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank's stock worth $20,024,000 after buying an additional 126,791 shares in the last quarter. Verition Fund Management LLC increased its position 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 worth $7,831,000 after purchasing an additional 125,068 shares in the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new position in Independent Bank in the 3rd quarter valued at $5,802,000. New York State Common Retirement Fund lifted its holdings in Independent Bank by 681.3% in the 4th quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank's stock valued at $6,511,000 after purchasing an additional 88,448 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Independent Bank during the 4th quarter worth $5,586,000. Hedge funds and other institutional investors own 83.40% of the company's stock.

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Independent Bank Trading Up 0.6 %

Shares of INDB stock traded up $0.40 on Wednesday, hitting $62.88. 207,382 shares of the stock traded hands, compared to its average volume of 279,309. 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 twelve month low of $45.11 and a twelve month high of $77.23. The firm's 50-day moving average price is $66.11 and its two-hundred day moving average price is $65.74. The stock has a market capitalization of $2.68 billion, a PE ratio of 13.91 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 earnings per share for the quarter, beating 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, analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Monday, March 31st will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 3.75%. This is a positive change from Independent Bank's previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Monday, March 31st. Independent Bank's dividend payout ratio is presently 52.21%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on INDB. StockNews.com upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a research report on Tuesday, March 25th. Keefe, Bruyette & Woods cut their price objective on shares of Independent Bank from $82.00 to $80.00 and set a "market perform" rating for the company in a report on Tuesday, January 21st. Finally, Raymond James restated a "strong-buy" rating and set a $78.00 target price (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st.

Insiders Place Their Bets

In other news, Director Donna L. Abelli sold 640 shares of the stock in a transaction on Tuesday, February 11th. The stock was 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 directly owns 12,516 shares in the company, valued at approximately $876,495.48. This represents a 4.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.87% of the stock is owned by insiders.

About Independent Bank

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.