Oppenheimer Asset Management Inc. Takes $230,000 Position in Independent Bank Corp. $INDB

Oppenheimer Asset Management Inc. bought a new stake in Independent Bank Corp. (NASDAQ:INDB) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,661 shares of the bank’s stock, valued at approximately $230,000.

A number of other institutional investors also recently modified their holdings of the company. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Independent Bank in the second quarter valued at approximately $258,000. Private Trust Co. NA raised its stake in shares of Independent Bank by 296.8% in the second quarter. Private Trust Co. NA now owns 619 shares of the bank’s stock valued at $39,000 after acquiring an additional 463 shares during the last quarter. Vest Financial LLC raised its stake in shares of Independent Bank by 164.9% in the second quarter. Vest Financial LLC now owns 33,621 shares of the bank’s stock valued at $2,114,000 after acquiring an additional 20,930 shares during the last quarter. LRI Investments LLC bought a new position in shares of Independent Bank in the second quarter valued at approximately $59,000. Finally, Vanguard Personalized Indexing Management LLC raised its stake in shares of Independent Bank by 2.9% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock valued at $495,000 after acquiring an additional 218 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

INDB opened at $67.29 on Monday. The company has a fifty day moving average price of $69.60 and a two-hundred day moving average price of $65.67. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.95. Independent Bank Corp. has a 52 week low of $52.15 and a 52 week high of $77.23. The firm has a market capitalization of $3.36 billion, a PE ratio of 16.37 and a beta of 0.85.

Independent Bank (NASDAQ:INDB) last released its earnings results on Wednesday, February 12th. The bank reported $1.01 EPS for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. The firm had revenue of $175.25 million during the quarter. As a group, analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Monday, September 29th. Independent Bank’s payout ratio is currently 57.42%.

Wall Street Analyst Weigh In

INDB has been the subject of a number of research analyst reports. Zacks Research cut shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 19th. Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Independent Research set a $83.00 price target on shares of Independent Bank in a report on Tuesday, October 21st. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and raised their price target for the company from $80.00 to $83.00 in a report on Tuesday, October 21st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $76.75.

Independent Bank 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.