Boston Financial Mangement LLC Has $509,000 Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Boston Financial Mangement LLC raised its holdings in Independent Bank Corp. (NASDAQ:INDB) by 127.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,934 shares of the bank’s stock after acquiring an additional 4,447 shares during the period. Boston Financial Mangement LLC’s holdings in Independent Bank were worth $509,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. CIBC Asset Management Inc grew its holdings in 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 buying an additional 158 shares during the last quarter. GHP Investment Advisors Inc. grew its holdings in Independent Bank by 0.7% in the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank’s stock valued at $2,083,000 after buying an additional 236 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew 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. Stablepoint Partners LLC grew its holdings in 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. Finally, HighTower Advisors LLC grew its holdings in 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. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $69.51 on Friday. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The firm has a market capitalization of $2.95 billion, a PE ratio of 15.38 and a beta of 0.77. The business’s 50 day moving average is $66.55 and its 200-day moving average is $64.83. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last announced 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%. Sell-side analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were given a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.28%. Independent Bank’s dividend payout ratio (DPR) is presently 50.44%.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related news, Director Donna L. Abelli sold 640 shares of the firm’s 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 completion of the transaction, the director now owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.87% of the stock is owned by corporate insiders.

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.