Intech Investment Management LLC Has $2.38 Million Stake in Independent Bank Corp. $INDB

Intech Investment Management LLC cut its stake in Independent Bank Corp. (NASDAQ:INDB) by 24.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 37,867 shares of the bank’s stock after selling 12,487 shares during the quarter. Intech Investment Management LLC’s holdings in Independent Bank were worth $2,381,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. SG Americas Securities LLC grew its holdings in Independent Bank by 45.2% during the second quarter. SG Americas Securities LLC now owns 8,331 shares of the bank’s stock worth $524,000 after buying an additional 2,592 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Independent Bank by 7.6% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 10,942 shares of the bank’s stock worth $688,000 after acquiring an additional 773 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its stake in shares of Independent Bank by 5.1% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 9,584 shares of the bank’s stock worth $603,000 after acquiring an additional 463 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Independent Bank by 0.7% in the second quarter. Geode Capital Management LLC now owns 1,049,086 shares of the bank’s stock valued at $65,980,000 after purchasing an additional 6,889 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Independent Bank during the second quarter valued at about $361,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Wall Street Analysts Forecast Growth

INDB has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Independent Bank in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods upgraded Independent Bank from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $80.00 to $83.00 in a research note on Tuesday, October 21st. Independent Research set a $83.00 target price on Independent Bank in a report on Tuesday, October 21st. Zacks Research lowered Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Finally, Wall Street Zen upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Independent Bank has an average rating of “Moderate Buy” and a consensus price target of $76.75.

Independent Bank Trading Down 0.4%

Shares of Independent Bank stock opened at $66.91 on Friday. The stock’s 50-day simple moving average is $68.93 and its 200 day simple moving average is $66.59. The stock has a market capitalization of $3.32 billion, a P/E ratio of 16.28 and a beta of 0.89. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $77.23. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.95.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Wednesday, February 12th. The bank reported $1.01 earnings per share for the quarter. The business had revenue of $175.25 million during the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. As a group, research analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Investors of record on Monday, September 29th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Monday, September 29th. Independent Bank’s dividend payout ratio is 57.42%.

Insider Activity at Independent Bank

In other news, Director Ken S. Ansin sold 144,000 shares of the company’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $69.94, for a total value of $10,071,360.00. Following the transaction, the director owned 288,481 shares of the company’s stock, valued at approximately $20,176,361.14. This represents a 33.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.81% of the stock is owned by company insiders.

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.