Smartleaf Asset Management LLC Purchases 542 Shares of Independent Bank Corp. (NASDAQ:INDB)

Smartleaf Asset Management LLC increased its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 105.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,056 shares of the bank’s stock after purchasing an additional 542 shares during the quarter. Smartleaf Asset Management LLC’s holdings in Independent Bank were worth $68,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its holdings in shares of Independent Bank by 0.9% during the third quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank’s stock worth $60,170,000 after buying an additional 8,987 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Independent Bank by 4.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock worth $30,964,000 after acquiring an additional 22,919 shares during the last quarter. JPMorgan Chase & Co. grew its position in Independent Bank by 59.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock worth $20,024,000 after acquiring an additional 126,791 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Independent Bank by 11.1% during the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank’s stock valued at $16,773,000 after purchasing an additional 28,373 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Independent Bank by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank’s stock valued at $13,228,000 after purchasing an additional 5,792 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Down 0.7 %

NASDAQ INDB opened at $63.08 on Monday. The stock has a market capitalization of $2.69 billion, a P/E ratio of 13.96 and a beta of 0.77. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a fifty day moving average of $66.43 and a 200-day moving average of $65.54.

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

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were given a dividend of $0.57 per share. The ex-dividend date was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.61%. Independent Bank’s dividend payout ratio is 50.44%.

Insider Activity

In other 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 transaction of $44,819.20. Following the sale, the director now 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 owned by company insiders.

Wall Street Analyst Weigh In

INDB has been the topic of several research analyst reports. Keefe, Bruyette & Woods decreased their target price on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a report on Tuesday, January 21st. Raymond James reissued a “strong-buy” rating and set a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $79.00.

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.