Isthmus Partners LLC Raises Holdings in Independent Bank Corp. (NASDAQ:INDB)

Isthmus Partners LLC boosted its position in Independent Bank Corp. (NASDAQ:INDB) by 0.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 37,313 shares of the bank’s stock after acquiring an additional 245 shares during the period. Isthmus Partners LLC owned 0.09% of Independent Bank worth $2,395,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in INDB. Venturi Wealth Management LLC bought a new stake in shares of Independent Bank in the fourth quarter valued at approximately $62,000. Smartleaf Asset Management LLC lifted its position in shares of Independent Bank by 105.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after acquiring an additional 542 shares in the last quarter. KBC Group NV boosted its holdings in shares of Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after acquiring an additional 490 shares during the period. ST Germain D J Co. Inc. raised its stake in shares of Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after purchasing an additional 1,737 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Independent Bank during the 3rd quarter worth about $222,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Independent Bank

In other Independent Bank 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 sale, the director now owns 12,516 shares in the company, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.87% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in 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 report on Tuesday, January 21st. Raymond James reissued a “strong-buy” rating and issued a $78.00 price target (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $79.00.

Independent Bank Trading Down 0.7 %

Shares of Independent Bank stock opened at $63.08 on Monday. The company has a 50 day simple moving average of $66.43 and a two-hundred day simple moving average of $65.54. The firm has a market cap of $2.69 billion, a PE ratio of 13.96 and a beta of 0.77. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Stockholders 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 dividend yield of 3.61%. Independent Bank’s dividend payout ratio (DPR) 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.