KBC Group NV Grows Stake in Independent Bank Corp. (NASDAQ:INDB)

KBC Group NV increased its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 34.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,911 shares of the bank’s stock after purchasing an additional 490 shares during the quarter. KBC Group NV’s holdings in Independent Bank were worth $123,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. ST Germain D J Co. Inc. lifted its position in shares of Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after buying an additional 1,737 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Independent Bank in the third quarter valued at $222,000. Relyea Zuckerberg Hanson LLC acquired a new position in Independent Bank in the fourth quarter valued at $250,000. Los Angeles Capital Management LLC acquired a new position in Independent Bank in the third quarter valued at $257,000. Finally, LMR Partners LLP acquired a new stake in shares of Independent Bank during the third quarter worth about $351,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Down 0.7 %

Independent Bank stock opened at $69.80 on Friday. The stock has a 50 day moving average of $67.01 and a two-hundred day moving average of $64.36. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of 15.44 and a beta of 0.77. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, research analysts expect that Independent Bank Corp. will post 5.42 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were issued a $0.57 dividend. The ex-dividend date was Monday, December 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.27%. Independent Bank’s dividend payout ratio is currently 50.44%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on INDB shares. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Raymond James reaffirmed a “strong-buy” rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods decreased their price target on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, January 21st. Two equities research analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $79.00.

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.