Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by Legato Capital Management LLC

Legato Capital Management LLC increased its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 5.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,274 shares of the bank’s stock after purchasing an additional 992 shares during the period. Legato Capital Management LLC’s holdings in Independent Bank were worth $1,301,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. CWM LLC increased its holdings in shares of Independent Bank by 28.1% during the 3rd quarter. CWM LLC now owns 11,154 shares of the bank’s stock worth $660,000 after buying an additional 2,450 shares during the last quarter. Eastern Bank grew its position in Independent Bank by 454.7% in the third quarter. Eastern Bank now owns 23,237 shares of the bank’s stock worth $1,374,000 after acquiring an additional 19,048 shares during the period. Moody Aldrich Partners LLC increased its stake in Independent Bank by 39.8% during the third quarter. Moody Aldrich Partners LLC now owns 133,538 shares of the bank’s stock worth $7,896,000 after acquiring an additional 38,014 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Independent Bank by 5.7% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 24,552 shares of the bank’s stock valued at $1,452,000 after purchasing an additional 1,316 shares during the period. Finally, GHP Investment Advisors Inc. raised its position in Independent Bank by 2.3% in the third quarter. GHP Investment Advisors Inc. now owns 32,222 shares of the bank’s stock valued at $1,905,000 after purchasing an additional 713 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Donna L. Abelli sold 640 shares of the company’s 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 sale, the director now owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on INDB shares. Raymond James reissued a “strong-buy” rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Independent Bank presently has a consensus rating of “Buy” and an average target price of $79.00.

Independent Bank Trading Down 2.1 %

Shares of NASDAQ INDB opened at $68.75 on Thursday. 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 $2.92 billion, a PE ratio of 15.21 and a beta of 0.77. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The stock has a fifty day simple moving average of $66.86 and a 200-day simple moving average of $64.54.

Independent Bank (NASDAQ:INDB) last released 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 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 Dividend Announcement

The firm also recently announced 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. This represents a $2.28 annualized dividend and a yield of 3.32%. The ex-dividend date was Monday, December 30th. Independent Bank’s payout ratio is currently 50.44%.

Independent Bank 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.