LPL Financial LLC Boosts Position in Independent Bank Corp. (NASDAQ:INDB)

LPL Financial LLC boosted its position in Independent Bank Corp. (NASDAQ:INDB) by 8.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 24,123 shares of the bank’s stock after purchasing an additional 1,800 shares during the period. LPL Financial LLC owned about 0.06% of Independent Bank worth $1,548,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of INDB. JPMorgan Chase & Co. lifted its stake in shares of Independent Bank by 59.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock worth $20,024,000 after purchasing an additional 126,791 shares during the period. New York State Common Retirement Fund increased its holdings in Independent Bank by 681.3% during the fourth quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank’s stock valued at $6,511,000 after buying an additional 88,448 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Independent Bank in the fourth quarter worth approximately $5,586,000. Fisher Asset Management LLC boosted its stake in shares of Independent Bank by 58.8% during the 4th quarter. Fisher Asset Management LLC now owns 188,385 shares of the bank’s stock worth $12,092,000 after acquiring an additional 69,753 shares during the last quarter. Finally, American Century Companies Inc. grew its position in shares of Independent Bank by 10.9% during the 4th quarter. American Century Companies Inc. now owns 469,359 shares of the bank’s stock valued at $30,128,000 after acquiring an additional 46,046 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Raymond James reaffirmed a “strong-buy” rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, March 25th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st.

Independent Bank Stock Up 0.9 %

INDB opened at $55.84 on Friday. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of 12.35 and a beta of 0.84. The firm’s fifty day moving average is $62.95 and its 200 day moving average is $65.24.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.12). Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. The business had revenue of $178.04 million during the quarter, compared to the consensus estimate of $175.03 million. On average, sell-side analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were issued a dividend of $0.59 per share. This is a positive change from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date was Monday, March 31st. Independent Bank’s dividend payout ratio (DPR) is 52.21%.

Independent Bank Company Profile

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.