Brandywine Global Investment Management LLC Has $1.72 Million Stock Position in Independent Bank Corp. $INDB

Brandywine Global Investment Management LLC lessened its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 27,313 shares of the bank’s stock after selling 729 shares during the quarter. Brandywine Global Investment Management LLC owned approximately 0.05% of Independent Bank worth $1,718,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its holdings in shares of Independent Bank by 1.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 10,705 shares of the bank’s stock valued at $680,000 after acquiring an additional 162 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Independent Bank by 2.9% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 7,862 shares of the bank’s stock valued at $495,000 after purchasing an additional 218 shares in the last quarter. HighTower Advisors LLC boosted its stake in shares of Independent Bank by 3.3% during the first quarter. HighTower Advisors LLC now owns 7,049 shares of the bank’s stock valued at $442,000 after purchasing an additional 226 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Independent Bank by 3.6% during the first quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank’s stock worth $414,000 after purchasing an additional 232 shares during the last quarter. Finally, Bessemer Group Inc. increased its stake in shares of Independent Bank by 95.1% in the second quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after buying an additional 311 shares during the period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Price Performance

INDB stock opened at $70.96 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of 17.27 and a beta of 0.89. The company’s fifty day simple moving average is $68.91 and its 200 day simple moving average is $66.79. Independent Bank Corp. has a 12-month low of $52.15 and a 12-month high of $77.23.

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

Independent Bank Dividend Announcement

The firm also recently declared 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 dividend yield of 3.3%. The ex-dividend date was Monday, September 29th. Independent Bank’s dividend payout ratio is presently 57.42%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, Director Gerard F. Nadeau sold 3,000 shares of the stock in a transaction on Friday, November 21st. The shares were sold at an average price of $70.00, for a total transaction of $210,000.00. Following the transaction, the director directly owned 22,395 shares of the company’s stock, valued at $1,567,650. This represents a 11.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ken S. Ansin sold 144,000 shares of the firm’s stock in a transaction on Monday, November 10th. The stock was sold at an average price of $69.94, for a total transaction of $10,071,360.00. Following the completion of the sale, the director owned 288,481 shares of the company’s stock, valued at $20,176,361.14. The trade was a 33.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 200,000 shares of company stock worth $13,941,540 over the last 90 days. Company insiders own 0.81% of the company’s stock.

About Independent Bank

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.