Relyea Zuckerberg Hanson LLC acquired a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,887 shares of the bank's stock, valued at approximately $250,000.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Stablepoint Partners LLC grew its position in shares of Independent Bank by 1.2% in the third quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank's stock valued at $1,362,000 after purchasing an additional 283 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Independent Bank by 0.3% in the 3rd 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 during the last quarter. HighTower Advisors LLC grew its position in shares of Independent Bank by 6.8% in the 3rd quarter. HighTower Advisors LLC now owns 6,556 shares of the bank's stock valued at $383,000 after buying an additional 415 shares during the last quarter. GHP Investment Advisors Inc. raised its holdings in Independent Bank by 2.3% during the 3rd quarter. GHP Investment Advisors Inc. now owns 32,222 shares of the bank's stock worth $1,905,000 after purchasing an additional 713 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Independent Bank by 9.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,418 shares of the bank's stock worth $557,000 after purchasing an additional 850 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.
Independent Bank Stock Performance
Independent Bank stock traded up $3.12 during midday trading on Friday, hitting $67.04. The stock had a trading volume of 468,693 shares, compared to its average volume of 214,305. The company has a market capitalization of $2.85 billion, a PE ratio of 14.57 and a beta of 0.78. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The firm's fifty day moving average is $68.49 and its two-hundred day moving average is $62.88. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23.
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, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. On average, research analysts forecast that Independent Bank Corp. will post 4.5 EPS for the current year.
Independent Bank Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were paid a dividend of $0.57 per share. The ex-dividend date was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.40%. Independent Bank's dividend payout ratio is presently 49.57%.
Analysts Set New Price Targets
Several research analysts recently issued reports on INDB shares. StockNews.com raised Independent Bank from a "sell" rating to a "hold" rating in a research report on Friday. Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank from $77.00 to $82.00 and gave the company a "market perform" rating in a research note on Thursday, December 12th. Finally, Raymond James raised Independent Bank from a "market perform" rating to a "strong-buy" rating and set a $74.00 target price on the stock in a research note on Monday, October 21st. Two analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $78.00.
Get Our Latest Stock Analysis on INDB
Independent Bank Company 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.
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