Intech Investment Management LLC Acquires 9,871 Shares of Independent Bank Corp. (NASDAQ:INDB)

Intech Investment Management LLC boosted its holdings in Independent Bank Corp. (NASDAQ:INDB) by 60.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,231 shares of the bank’s stock after purchasing an additional 9,871 shares during the period. Intech Investment Management LLC owned approximately 0.06% of Independent Bank worth $1,551,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in INDB. EntryPoint Capital LLC bought a new stake in Independent Bank in the first quarter worth $47,000. Innealta Capital LLC bought a new position in shares of Independent Bank during the second quarter valued at about $73,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Independent Bank during the third quarter valued at about $222,000. Profund Advisors LLC bought a new position in shares of Independent Bank during the second quarter valued at about $229,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Independent Bank during the third quarter valued at about $257,000. 83.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $74.97 on Tuesday. 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 0.22, a current ratio of 0.95 and a quick ratio of 0.95. The company’s 50-day moving average is $63.85 and its 200 day moving average is $58.05. The stock has a market capitalization of $3.19 billion, a P/E ratio of 16.62 and a beta of 0.73.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. The company had revenue of $250.07 million for the quarter, compared to analysts’ expectations of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same quarter in the previous year, the company earned $1.38 earnings per share. On average, sell-side analysts expect that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

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.