LPL Financial LLC Boosts Stock Position in Independent Bank Corp. $INDB

LPL Financial LLC raised its position in shares of Independent Bank Corp. (NASDAQ:INDBFree Report) by 4.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,252 shares of the bank’s stock after purchasing an additional 1,129 shares during the quarter. LPL Financial LLC owned 0.06% of Independent Bank worth $1,582,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of INDB. Wells Fargo & Company MN boosted its stake in shares of Independent Bank by 12.0% in the fourth quarter. Wells Fargo & Company MN now owns 27,745 shares of the bank’s stock worth $1,781,000 after buying an additional 2,966 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Independent Bank by 13.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 21,362 shares of the bank’s stock valued at $1,371,000 after acquiring an additional 2,578 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Independent Bank in the fourth quarter valued at approximately $1,646,000. Barclays PLC increased its holdings in shares of Independent Bank by 0.3% in the fourth quarter. Barclays PLC now owns 95,296 shares of the bank’s stock valued at $6,117,000 after purchasing an additional 320 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Independent Bank by 1.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank’s stock valued at $148,835,000 after purchasing an additional 36,335 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on INDB shares. Wall Street Zen upgraded Independent Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Zacks Research lowered Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $71.00.

Get Our Latest Stock Report on INDB

Independent Bank Trading Down 0.4%

Shares of Independent Bank stock opened at $66.96 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. Independent Bank Corp. has a 1 year low of $52.15 and a 1 year high of $77.23. The company has a market capitalization of $3.34 billion, a P/E ratio of 15.12 and a beta of 0.87. The business has a 50 day moving average price of $65.10 and a 200 day moving average price of $63.53.

Independent Bank (NASDAQ:INDBGet Free Report) last issued its quarterly earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.05. The company had revenue of $181.80 million during the quarter, compared to the consensus estimate of $179.47 million. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. Sell-side analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Monday, June 30th. Independent Bank’s dividend payout ratio is presently 53.27%.

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.

See Also

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

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