GHP Investment Advisors Inc. Buys 236 Shares of Independent Bank Corp. (NASDAQ:INDB)

GHP Investment Advisors Inc. increased its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 0.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,458 shares of the bank’s stock after acquiring an additional 236 shares during the quarter. GHP Investment Advisors Inc. owned about 0.08% of Independent Bank worth $2,083,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock worth $20,024,000 after purchasing an additional 126,791 shares during the period. Verition Fund Management LLC raised its stake in Independent Bank by 1,697.7% during the 3rd quarter. Verition Fund Management LLC now owns 132,435 shares of the bank’s stock worth $7,831,000 after buying an additional 125,068 shares during the period. Hotchkis & Wiley Capital Management LLC bought a new position in Independent Bank during the third quarter worth about $5,802,000. Algert Global LLC grew its stake in Independent Bank by 172.4% in the third quarter. Algert Global LLC now owns 138,146 shares of the bank’s stock valued at $8,169,000 after acquiring an additional 87,440 shares during the period. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Independent Bank in the fourth quarter worth about $5,586,000. Institutional investors own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Raymond James reiterated 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. Keefe, Bruyette & Woods reduced their price target 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. Finally, StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Two analysts have rated the stock with a hold rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Independent Bank has an average rating of “Buy” and an average target price of $79.00.

Independent Bank Trading Up 1.8 %

NASDAQ:INDB opened at $70.29 on Friday. 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 Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The company has a market cap of $2.99 billion, a P/E ratio of 15.55 and a beta of 0.77. The business has a 50 day moving average price of $67.06 and a two-hundred day moving average price of $64.32.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. As a group, analysts expect that Independent Bank Corp. will post 5.42 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were paid a $0.57 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.24%. Independent Bank’s dividend payout ratio is 50.44%.

Independent Bank Company 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.