Cambridge Investment Research Advisors Inc. Has $256,000 Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Cambridge Investment Research Advisors Inc. grew its position in shares of Independent Bank Corp. (NASDAQ:INDB – Get Rating) by 21.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,434 shares of the bank’s stock after buying an additional 602 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Independent Bank were worth $256,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Venture Visionary Partners LLC acquired a new position in shares of Independent Bank during the second quarter worth approximately $57,000. Pinebridge Investments L.P. increased its position in shares of Independent Bank by 257.5% during the second quarter. Pinebridge Investments L.P. now owns 715 shares of the bank’s stock worth $57,000 after acquiring an additional 515 shares in the last quarter. Van ECK Associates Corp bought a new stake in shares of Independent Bank during the second quarter worth $94,000. FMR LLC grew its position in Independent Bank by 7.9% in the second quarter. FMR LLC now owns 1,854 shares of the bank’s stock valued at $147,000 after purchasing an additional 135 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in Independent Bank in the second quarter valued at $166,000. 81.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on INDB shares. StockNews.com started coverage on shares of Independent Bank in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Compass Point dropped their price objective on shares of Independent Bank to $100.00 in a research note on Thursday, October 27th. Raymond James assumed coverage on shares of Independent Bank in a report on Tuesday, December 20th. They issued a “market perform” rating on the stock. Keefe, Bruyette & Woods lowered shares of Independent Bank from an “outperform” rating to a “market perform” rating and set a $100.00 target price on the stock. in a report on Monday, December 12th. Finally, Piper Sandler decreased their price target on shares of Independent Bank to $83.00 in a report on Wednesday, October 5th.

Independent Bank Stock Down 0.1 %

Independent Bank stock opened at $81.70 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.04. Independent Bank Corp. has a 12-month low of $74.28 and a 12-month high of $91.65. The firm’s fifty day moving average is $85.48 and its 200 day moving average is $82.65. The company has a market capitalization of $3.73 billion, a PE ratio of 20.17 and a beta of 0.86.

Independent Bank (NASDAQ:INDB – Get Rating) last announced its quarterly earnings results on Thursday, October 20th. The bank reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Independent Bank had a net margin of 27.07% and a return on equity of 8.83%. The business had revenue of $190.80 million during the quarter, compared to analyst estimates of $178.60 million. As a group, sell-side analysts predict that Independent Bank Corp. will post 5.74 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 6th. Investors of record on Tuesday, December 27th were given a dividend of $0.55 per share. The ex-dividend date was Friday, December 23rd. This represents a $2.20 annualized dividend and a yield of 2.69%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.51. Independent Bank’s dividend payout ratio is presently 54.32%.

Independent Bank Company Profile

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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 primarily in Massachusetts. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.