Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by HighTower Advisors LLC

HighTower Advisors LLC raised its holdings in Independent Bank Corp. (NASDAQ:INDB) by 4.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 6,823 shares of the bank’s stock after acquiring an additional 267 shares during the period. HighTower Advisors LLC’s holdings in Independent Bank were worth $438,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in INDB. Isthmus Partners LLC grew its position in shares of Independent Bank by 0.7% in the fourth quarter. Isthmus Partners LLC now owns 37,313 shares of the bank’s stock valued at $2,395,000 after purchasing an additional 245 shares during the period. Amundi grew its holdings in Independent Bank by 186.4% in the 4th quarter. Amundi now owns 21,419 shares of the bank’s stock valued at $1,335,000 after buying an additional 13,940 shares during the period. Raymond James Financial Inc. purchased a new stake in Independent Bank in the 4th quarter valued at about $1,646,000. Proficio Capital Partners LLC acquired a new position in shares of Independent Bank during the 4th quarter valued at about $1,515,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Independent Bank by 4.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 544,948 shares of the bank’s stock worth $34,980,000 after acquiring an additional 21,289 shares during the period. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

Independent Bank stock opened at $63.19 on Monday. The firm has a fifty day moving average of $66.40 and a 200-day moving average of $65.73. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $2.69 billion, a P/E ratio of 13.98 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. As a group, analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Monday, March 31st will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, March 31st. This is a positive change from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a yield of 3.73%. Independent Bank’s payout ratio is 52.21%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on INDB. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, Raymond James restated a “strong-buy” rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st.

Insiders Place Their Bets

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the transaction, the director now owns 12,516 shares in the company, valued at $876,495.48. The trade was a 4.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.87% of the stock is owned by company insiders.

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.