Charles Schwab Investment Management Inc. Acquires 21,289 Shares of Independent Bank Corp. (NASDAQ:INDB)

Charles Schwab Investment Management Inc. boosted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 4.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 544,948 shares of the bank’s stock after acquiring an additional 21,289 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.28% of Independent Bank worth $34,980,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Los Angeles Capital Management LLC acquired a new position in Independent Bank during the third quarter valued at approximately $257,000. Empowered Funds LLC grew its holdings in Independent Bank by 5.4% during the third quarter. Empowered Funds LLC now owns 117,223 shares of the bank’s stock valued at $6,931,000 after purchasing an additional 5,974 shares during the last quarter. LMR Partners LLP acquired a new position in Independent Bank during the third quarter valued at approximately $351,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Independent Bank during the third quarter valued at approximately $222,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its holdings in Independent Bank by 11.1% during the third 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 during the last quarter. Institutional investors own 83.40% of the company’s stock.

Insiders Place Their Bets

In related news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.97% of the company’s stock.

Independent Bank Stock Up 3.7 %

Shares of NASDAQ INDB opened at $63.66 on Monday. The stock has a market cap of $2.71 billion, a PE ratio of 14.08 and a beta of 0.77. The business has a fifty day moving average of $66.20 and a two-hundred day moving average of $65.53. 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.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share (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%. As a group, equities research analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have commented on the company. Raymond James reiterated a “strong-buy” rating and set a $78.00 price target (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Keefe, Bruyette & Woods lowered their price objective on shares of 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. Finally, StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday.

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.