Intech Investment Management LLC Increases Position in Independent Bank Corp. (NASDAQ:INDB)

Intech Investment Management LLC boosted its holdings in Independent Bank Corp. (NASDAQ:INDB) by 60.3% during the third quarter, Holdings Channel.com reports. The firm owned 26,231 shares of the bank’s stock after acquiring an additional 9,871 shares during the quarter. Intech Investment Management LLC’s holdings in Independent Bank were worth $1,551,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in INDB. Victory Capital Management Inc. grew its holdings in shares of Independent Bank by 25.2% during the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after buying an additional 342,201 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Independent Bank by 258.9% during the second quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock valued at $15,177,000 after buying an additional 215,860 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Independent Bank by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock valued at $109,443,000 after buying an additional 186,680 shares during the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of Independent Bank during the second quarter valued at approximately $5,405,000. Finally, Rockland Trust Co. grew its holdings in shares of Independent Bank by 14.3% during the second quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock valued at $37,405,000 after buying an additional 92,438 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Up 1.3 %

Shares of Independent Bank stock opened at $74.97 on Tuesday. The company has a market cap of $3.19 billion, a price-to-earnings ratio of 16.62 and a beta of 0.73. The company’s 50 day moving average is $63.85 and its 200 day moving average is $58.05. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The business had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. During the same period last year, the firm earned $1.38 earnings per share. Research analysts anticipate that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were given a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.04%. Independent Bank’s payout ratio is presently 49.57%.

Analyst Ratings Changes

INDB has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods increased their price target on shares of Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a report on Monday, October 21st. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Finally, Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective on the stock in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Independent Bank presently has an average rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Company 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.