Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by GHP Investment Advisors Inc.

GHP Investment Advisors Inc. boosted its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 32,222 shares of the bank’s stock after purchasing an additional 713 shares during the period. GHP Investment Advisors Inc. owned approximately 0.08% of Independent Bank worth $1,905,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new stake in Independent Bank during the 1st quarter worth about $1,169,000. BNP Paribas Financial Markets grew its position in Independent Bank by 89.8% during the 1st quarter. BNP Paribas Financial Markets now owns 23,769 shares of the bank’s stock worth $1,236,000 after purchasing an additional 11,244 shares during the period. Edgestream Partners L.P. grew its position in Independent Bank by 462.0% during the 1st quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock worth $2,746,000 after purchasing an additional 43,391 shares during the period. Virtu Financial LLC acquired a new stake in Independent Bank during the 1st quarter worth about $461,000. Finally, ProShare Advisors LLC grew its position in Independent Bank by 15.3% during the 1st quarter. ProShare Advisors LLC now owns 154,652 shares of the bank’s stock worth $8,045,000 after purchasing an additional 20,490 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Raymond James raised Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a research report on Monday, October 21st. Keefe, Bruyette & Woods raised their target price on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research report on Monday, October 21st. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. Finally, StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Trading Down 1.5 %

Shares of Independent Bank stock opened at $61.85 on Monday. The firm has a market capitalization of $2.63 billion, a PE ratio of 11.94 and a beta of 0.74. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $68.75. The firm’s 50-day moving average price is $60.66 and its 200 day moving average price is $55.40. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. The firm had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.79%. During the same period last year, the company posted $1.38 EPS. On average, sell-side analysts predict that Independent Bank Corp. will post 4.42 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio is presently 44.02%.

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.