Assenagon Asset Management S.A. Invests $3.46 Million in Independent Bank Corp. (NASDAQ:INDB)

Assenagon Asset Management S.A. acquired a new position in Independent Bank Corp. (NASDAQ:INDBFree Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 52,627 shares of the bank’s stock, valued at approximately $3,463,000. Assenagon Asset Management S.A. owned about 0.12% of Independent Bank at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Crestwood Advisors Group LLC acquired a new stake in shares of Independent Bank in the third quarter worth $4,663,000. Canvas Wealth Advisors LLC acquired a new stake in shares of Independent Bank in the third quarter worth $399,000. Los Angeles Capital Management LLC acquired a new position in Independent Bank during the 3rd quarter valued at $659,000. PNC Financial Services Group Inc. raised its stake in Independent Bank by 29.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 13,569 shares of the bank’s stock valued at $666,000 after purchasing an additional 3,098 shares during the last quarter. Finally, Diversified Trust Co raised its stake in Independent Bank by 3.5% during the 4th quarter. Diversified Trust Co now owns 10,116 shares of the bank’s stock valued at $666,000 after purchasing an additional 345 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on INDB shares. TheStreet cut shares of Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th. Keefe, Bruyette & Woods cut their target price on shares of Independent Bank from $66.00 to $64.00 and set a “market perform” rating for the company in a research note on Monday, January 22nd.

View Our Latest Analysis on INDB

Independent Bank Stock Down 2.3 %

INDB opened at $50.80 on Tuesday. The firm’s 50-day simple moving average is $53.02 and its 200-day simple moving average is $54.91. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Corp. has a twelve month low of $43.28 and a twelve month high of $68.75. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of 9.37 and a beta of 0.83.

Independent Bank (NASDAQ:INDBGet Free Report) last posted its earnings results on Thursday, January 18th. The bank reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. Independent Bank had a net margin of 26.02% and a return on equity of 8.35%. The business had revenue of $177.16 million for the quarter, compared to analyst estimates of $176.75 million. Equities research analysts anticipate that Independent Bank Corp. will post 4.58 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 5th. Investors of record on Monday, April 1st will be given a dividend of $0.57 per share. This is an increase from Independent Bank’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $2.28 annualized dividend and a yield of 4.49%. Independent Bank’s dividend payout ratio is 42.07%.

Insider Buying and Selling

In related news, Director Donna L. Abelli sold 800 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the transaction, the director now owns 11,640 shares in the company, valued at approximately $614,941.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.87% of the stock is owned by corporate insiders.

About Independent Bank

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.