Hsbc Holdings PLC Buys 241,558 Shares of Independent Bank Corp. (NASDAQ:INDB)

Hsbc Holdings PLC lifted its position in Independent Bank Corp. (NASDAQ:INDBFree Report) by 902.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 268,315 shares of the bank’s stock after acquiring an additional 241,558 shares during the quarter. Hsbc Holdings PLC owned approximately 0.61% of Independent Bank worth $17,730,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in INDB. Norges Bank purchased a new position in Independent Bank during the fourth quarter worth about $32,784,000. Clearbridge Investments LLC bought a new position in shares of Independent Bank during the 3rd quarter worth approximately $14,825,000. Dimensional Fund Advisors LP boosted its stake in shares of Independent Bank by 10.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock worth $115,415,000 after buying an additional 164,254 shares during the last quarter. Crestwood Advisors Group LLC bought a new position in shares of Independent Bank in the third quarter valued at approximately $4,663,000. Finally, Boston Trust Walden Corp increased its position in shares of Independent Bank by 22.1% during the fourth quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock valued at $34,097,000 after acquiring an additional 93,901 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Trading Up 0.7 %

Shares of INDB stock opened at $50.79 on Friday. Independent Bank Corp. has a 12-month low of $43.28 and a 12-month high of $68.75. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36. The company has a 50 day moving average of $50.96 and a 200-day moving average of $55.33. The firm has a market cap of $2.16 billion, a P/E ratio of 9.81 and a beta of 0.84.

Independent Bank (NASDAQ:INDBGet Free Report) last released its earnings results on Thursday, April 18th. The bank reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.03). The firm had revenue of $167.38 million during the quarter, compared to analysts’ expectations of $171.80 million. Independent Bank had a return on equity of 7.85% and a net margin of 23.97%. Sell-side analysts anticipate that Independent Bank Corp. will post 4.46 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Monday, April 1st were paid a dividend of $0.57 per share. This is a boost from Independent Bank’s previous quarterly dividend of $0.55. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date was Thursday, March 28th. Independent Bank’s dividend payout ratio is presently 44.02%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on INDB shares. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research report on Monday, April 22nd. TheStreet downgraded shares of Independent Bank from a “b-” rating to a “c+” rating in a report on Wednesday, March 13th.

View Our Latest Analysis on INDB

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.

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

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