Dynamic Technology Lab Private Ltd Takes Position in Independent Bank Corp. (NASDAQ:INDB)

Dynamic Technology Lab Private Ltd bought a new position in shares of Independent Bank Corp. (NASDAQ:INDB) during the third quarter, HoldingsChannel reports. The institutional investor bought 19,409 shares of the bank’s stock, valued at approximately $1,148,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Victory Capital Management Inc. lifted its holdings in shares of Independent Bank by 25.2% during the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after purchasing an additional 342,201 shares during the last quarter. Millennium Management LLC increased its position in shares of Independent Bank by 258.9% in the second quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock worth $15,177,000 after acquiring an additional 215,860 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Independent Bank by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock valued at $109,443,000 after acquiring an additional 186,680 shares during the period. Great Lakes Advisors LLC purchased a new stake in shares of Independent Bank in the 2nd quarter valued at approximately $5,405,000. Finally, Rockland Trust Co. boosted its stake in Independent Bank by 14.3% in the 2nd quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock worth $37,405,000 after purchasing an additional 92,438 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a report on Monday, October 21st. Finally, Keefe, Bruyette & Woods increased their price objective on Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $69.50.

Independent Bank Stock Down 2.1 %

INDB opened at $73.36 on Wednesday. The company has a market capitalization of $3.12 billion, a PE ratio of 15.95 and a beta of 0.73. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The business has a 50-day moving average of $64.35 and a 200-day moving average of $58.37.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The firm had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same period in the previous year, the company earned $1.38 earnings per share. Equities research analysts forecast that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.11%. The ex-dividend date was Monday, September 30th. Independent Bank’s payout ratio is 49.57%.

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.