HighTower Advisors LLC Acquires 226 Shares of Independent Bank Corp. $INDB

HighTower Advisors LLC raised its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 3.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,049 shares of the bank’s stock after acquiring an additional 226 shares during the period. HighTower Advisors LLC’s holdings in Independent Bank were worth $442,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of INDB. Stifel Financial Corp bought a new position in Independent Bank during the fourth quarter valued at $266,000. Price T Rowe Associates Inc. MD increased its position in Independent Bank by 11.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 30,646 shares of the bank’s stock valued at $1,968,000 after acquiring an additional 3,043 shares during the last quarter. AQR Capital Management LLC increased its position in Independent Bank by 7.9% during the fourth quarter. AQR Capital Management LLC now owns 121,285 shares of the bank’s stock valued at $7,785,000 after acquiring an additional 8,878 shares during the last quarter. Algert Global LLC increased its position in Independent Bank by 12.6% during the fourth quarter. Algert Global LLC now owns 155,582 shares of the bank’s stock valued at $9,987,000 after acquiring an additional 17,436 shares during the last quarter. Finally, Bank of America Corp DE increased its position in Independent Bank by 11.0% during the fourth quarter. Bank of America Corp DE now owns 354,168 shares of the bank’s stock valued at $22,734,000 after acquiring an additional 35,165 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

INDB has been the topic of a number of analyst reports. Zacks Research cut shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 19th. Wall Street Zen upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Independent Bank currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.00.

Independent Bank Stock Down 0.3%

NASDAQ:INDB opened at $71.51 on Monday. Independent Bank Corp. has a 1-year low of $52.15 and a 1-year high of $77.23. The company has a 50-day moving average of $66.23 and a 200 day moving average of $63.54. The firm has a market cap of $3.57 billion, a PE ratio of 16.14 and a beta of 0.91. 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 (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, beating the consensus estimate of $1.20 by $0.05. The business had revenue of $181.80 million during the quarter, compared to analyst estimates of $179.47 million. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. As a group, research analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, June 30th. Independent Bank’s dividend payout ratio is presently 53.27%.

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.