The Manufacturers Life Insurance Company Has $24.03 Million Holdings in Independent Bank Corp. (NASDAQ:INDB)

The Manufacturers Life Insurance Company cut its stake in shares of Independent Bank Corp. (NASDAQ:INDBFree Report) by 4.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 365,158 shares of the bank’s stock after selling 17,033 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.83% of Independent Bank worth $24,031,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in INDB. Boston Trust Walden Corp grew its stake in Independent Bank by 22.1% in 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 period. Charles Schwab Investment Management Inc. grew its stake in Independent Bank by 5.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 465,220 shares of the bank’s stock valued at $30,616,000 after acquiring an additional 25,460 shares during the period. Crestwood Advisors Group LLC acquired a new position in Independent Bank in the third quarter valued at about $4,663,000. Assenagon Asset Management S.A. acquired a new position in Independent Bank in the fourth quarter valued at about $3,463,000. Finally, PNC Financial Services Group Inc. grew its stake in Independent Bank by 29.6% in the third quarter. PNC Financial Services Group Inc. now owns 13,569 shares of the bank’s stock valued at $666,000 after acquiring an additional 3,098 shares during the period. 83.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Read Our Latest Stock Report on INDB

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $49.67 on Friday. The firm has a market cap of $2.11 billion, a price-to-earnings ratio of 9.59 and a beta of 0.80. The stock’s 50-day moving average is $50.77 and its 200-day moving average is $55.10. Independent Bank Corp. has a one year low of $44.08 and a one year high of $68.75. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.96 and a quick ratio of 0.96.

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

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Monday, April 1st were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 4.59%. The ex-dividend date was Thursday, March 28th. This is a positive change from Independent Bank’s previous quarterly dividend of $0.55. Independent Bank’s dividend payout ratio is presently 44.02%.

Independent Bank Company Profile

(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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