938 Shares in Independent Bank Corp. $INDB Bought by LRI Investments LLC

LRI Investments LLC purchased a new position in shares of Independent Bank Corp. (NASDAQ:INDB) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 938 shares of the bank’s stock, valued at approximately $59,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of INDB. GAMMA Investing LLC raised its stake in Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after acquiring an additional 262 shares in the last quarter. SG Americas Securities LLC raised its stake in Independent Bank by 215.0% during the 1st quarter. SG Americas Securities LLC now owns 5,739 shares of the bank’s stock worth $360,000 after acquiring an additional 3,917 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Independent Bank by 9.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,359 shares of the bank’s stock worth $1,589,000 after acquiring an additional 2,092 shares in the last quarter. GHP Investment Advisors Inc. raised its stake in Independent Bank by 3.8% during the 1st quarter. GHP Investment Advisors Inc. now owns 33,678 shares of the bank’s stock worth $2,110,000 after acquiring an additional 1,220 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its stake in Independent Bank by 4.2% in the first quarter. Illinois Municipal Retirement Fund now owns 23,867 shares of the bank’s stock valued at $1,495,000 after purchasing an additional 953 shares during the period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Trading Up 3.5%

Shares of Independent Bank stock opened at $67.81 on Tuesday. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $77.23. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The company’s 50-day simple moving average is $69.14 and its 200-day simple moving average is $64.55. The firm has a market cap of $3.39 billion, a price-to-earnings ratio of 15.31 and a beta of 0.85.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share (EPS) for the quarter. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The business had revenue of $175.25 million for the quarter. As a group, equities research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 7th. Stockholders of record on Monday, September 29th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Monday, September 29th. Independent Bank’s payout ratio is 53.27%.

Analyst Ratings Changes

A number of research analysts have commented on INDB shares. Wall Street Zen upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Zacks Research lowered shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $71.00.

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.