8,642 Shares in Independent Bank Corp. (NASDAQ:INDB) Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS acquired a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 8,642 shares of the bank’s stock, valued at approximately $559,000.

Other large investors also recently bought and sold shares of the company. Venturi Wealth Management LLC acquired a new stake in Independent Bank in the 4th quarter valued at $62,000. Smartleaf Asset Management LLC grew its holdings in Independent Bank by 105.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock valued at $68,000 after buying an additional 542 shares in the last quarter. KBC Group NV increased its position in Independent Bank by 34.5% during the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after purchasing an additional 490 shares during the last quarter. ST Germain D J Co. Inc. lifted its holdings in Independent Bank by 364.9% in the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after acquiring an additional 1,737 shares during the last quarter. Finally, Relyea Zuckerberg Hanson LLC acquired a new stake in Independent Bank during the fourth quarter worth $250,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Performance

NASDAQ:INDB opened at $62.88 on Thursday. The firm’s fifty day simple moving average is $66.11 and its 200-day simple moving average is $65.74. The stock has a market cap of $2.68 billion, a PE ratio of 13.91 and a beta of 0.77. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two 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.

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

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.59 per share. The ex-dividend date is Monday, March 31st. This is a boost from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a dividend yield of 3.75%. Independent Bank’s payout ratio is currently 52.21%.

Wall Street Analyst Weigh In

A number of research analysts have commented on INDB shares. Keefe, Bruyette & Woods decreased their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 21st. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, March 25th. Finally, Raymond James reiterated a “strong-buy” rating and issued a $78.00 price objective (up previously 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 firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the transaction, the director now directly owns 12,516 shares of the company’s stock, valued at $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.87% of the stock is currently owned by insiders.

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.