Russell Investments Group Ltd. Has $10.41 Million Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Russell Investments Group Ltd. grew its position in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 302.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 162,206 shares of the bank's stock after purchasing an additional 121,906 shares during the period. Russell Investments Group Ltd. owned approximately 0.38% of Independent Bank worth $10,412,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. CIBC Asset Management Inc grew its holdings in shares of Independent Bank by 3.9% in the 4th quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank's stock valued at $270,000 after acquiring an additional 158 shares in the last quarter. GHP Investment Advisors Inc. grew its stake in Independent Bank by 0.7% in the fourth quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank's stock valued at $2,083,000 after purchasing an additional 236 shares in the last quarter. Isthmus Partners LLC increased its position in shares of Independent Bank by 0.7% during the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank's stock worth $2,395,000 after purchasing an additional 245 shares during the last quarter. HighTower Advisors LLC raised its stake in shares of Independent Bank by 4.1% during the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank's stock worth $438,000 after purchasing an additional 267 shares in the last quarter. Finally, Stablepoint Partners LLC boosted its holdings in shares of Independent Bank by 1.6% in the 4th quarter. Stablepoint Partners LLC now owns 23,394 shares of the bank's stock valued at $1,502,000 after buying an additional 361 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

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 transaction of $44,819.20. Following the sale, the director now owns 12,516 shares of the company's stock, valued at $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.81% of the company's stock.

Independent Bank Stock Performance

INDB stock traded up $0.04 during mid-day trading on Thursday, hitting $55.40. 75,737 shares of the company were exchanged, compared to its average volume of 283,607. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The business has a 50 day simple moving average of $63.22 and a 200-day simple moving average of $65.26. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $2.36 billion, a PE ratio of 12.27 and a beta of 0.84.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, equities analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were issued a $0.59 dividend. The ex-dividend date was Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a yield of 4.26%. This is an increase from Independent Bank's previous quarterly dividend of $0.57. Independent Bank's payout ratio is currently 52.21%.

Wall Street Analysts Forecast Growth

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

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.