Independent Bank Corp. (NASDAQ:INDB) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. lifted its position in Independent Bank Corp. (NASDAQ:INDB) by 1.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,272,986 shares of the bank’s stock after purchasing an additional 69,312 shares during the quarter. Vanguard Group Inc. owned about 12.42% of Independent Bank worth $347,015,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Sachetta LLC purchased a new position in Independent Bank during the 4th quarter worth approximately $56,000. Janney Montgomery Scott LLC acquired a new position in Independent Bank during the third quarter valued at $217,000. Vanguard Personalized Indexing Management LLC purchased a new stake in Independent Bank in the fourth quarter valued at $217,000. TFO Wealth Partners LLC grew its position in Independent Bank by 215,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock worth $283,000 after purchasing an additional 4,302 shares during the period. Finally, HighTower Advisors LLC raised its stake in shares of Independent Bank by 5.1% during the 3rd quarter. HighTower Advisors LLC now owns 5,892 shares of the bank’s stock valued at $289,000 after buying an additional 287 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Up 6.1 %

Shares of INDB opened at $50.72 on Friday. The firm has a market cap of $2.15 billion, a P/E ratio of 9.79 and a beta of 0.80. Independent Bank Corp. has a 12 month low of $44.27 and a 12 month high of $68.75. The stock’s 50 day moving average is $50.21 and its two-hundred day moving average is $54.00. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, April 18th. The bank reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.15 by ($0.03). The company had revenue of $167.38 million during the quarter, compared to analyst estimates of $171.80 million. Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. Analysts predict that Independent Bank Corp. will post 4.46 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 8th. Investors of record on Monday, July 1st will be given a dividend of $0.57 per share. The ex-dividend date is Monday, July 1st. This represents a $2.28 annualized dividend and a dividend yield of 4.50%. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

Wall Street Analyst Weigh In

INDB has been the topic of several analyst reports. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a report on Monday, June 24th. TheStreet cut shares of Independent Bank from a “b-” rating to a “c+” rating in a research note on Wednesday, March 13th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Independent Bank from $64.00 to $60.00 and set a “market perform” rating on the stock in a research report on Monday, April 22nd.

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.