Raymond James & Associates Has $6.26 Million Position in Independent Bank Corp. (NASDAQ:INDB)

Raymond James & Associates decreased its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 12.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 95,118 shares of the bank’s stock after selling 14,031 shares during the quarter. Raymond James & Associates owned approximately 0.22% of Independent Bank worth $6,260,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in shares of Independent Bank by 7.9% during the 2nd quarter. FMR LLC now owns 1,854 shares of the bank’s stock worth $147,000 after buying an additional 135 shares during the last quarter. State of Wyoming raised its holdings in Independent Bank by 44.4% in the 4th quarter. State of Wyoming now owns 543 shares of the bank’s stock valued at $46,000 after acquiring an additional 167 shares during the period. Bank of Montreal Can lifted its position in Independent Bank by 1.3% during the first quarter. Bank of Montreal Can now owns 13,404 shares of the bank’s stock worth $1,141,000 after acquiring an additional 172 shares during the last quarter. Toroso Investments LLC lifted its position in Independent Bank by 3.2% during the third quarter. Toroso Investments LLC now owns 7,596 shares of the bank’s stock worth $373,000 after acquiring an additional 238 shares during the last quarter. Finally, NBW Capital LLC lifted its position in Independent Bank by 0.8% during the fourth quarter. NBW Capital LLC now owns 35,711 shares of the bank’s stock worth $3,015,000 after acquiring an additional 273 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

INDB has been the subject of several research reports. Keefe, Bruyette & Woods cut their price objective on shares of Independent Bank from $66.00 to $64.00 and set a “market perform” rating for the company in a research report on Monday, January 22nd. TheStreet downgraded shares of Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th.

Insiders Place Their Bets

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $52.83, for a total transaction of $42,264.00. Following the sale, the director now owns 11,640 shares of the company’s stock, valued at $614,941.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.97% of the company’s stock.

Independent Bank Stock Performance

Shares of NASDAQ:INDB opened at $49.68 on Tuesday. The company’s 50 day simple moving average is $51.99 and its 200 day simple moving average is $54.90. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of 9.17 and a beta of 0.83. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.97 and a quick ratio of 0.97. Independent Bank Corp. has a 1 year low of $43.28 and a 1 year high of $68.75.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, January 18th. The bank reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The business had revenue of $177.16 million for the quarter, compared to analysts’ expectations of $176.75 million. Independent Bank had a net margin of 26.02% and a return on equity of 8.35%. As a group, research analysts predict that Independent Bank Corp. will post 4.58 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Monday, April 1st were paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.59%. The ex-dividend date of this dividend was Thursday, March 28th. This is a boost from Independent Bank’s previous quarterly dividend of $0.55. Independent Bank’s payout ratio is presently 42.07%.

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.