Assenagon Asset Management S.A. bought a new stake in shares of Independent Bank Corp. (NASDAQ:INDB – Free Report) in the fourth quarter, Holdings Channel reports. The fund bought 87,029 shares of the bank’s stock, valued at approximately $5,586,000.
A number of other hedge funds have also added to or reduced their stakes in INDB. ST Germain D J Co. Inc. grew its holdings in 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 buying an additional 1,737 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Independent Bank during the 3rd quarter valued at about $222,000. Profund Advisors LLC bought a new stake in shares of Independent Bank during the 2nd quarter valued at about $229,000. Los Angeles Capital Management LLC bought a new stake in shares of Independent Bank during the 3rd quarter valued at about $257,000. Finally, Vanguard Personalized Indexing Management LLC boosted its position in shares of Independent Bank by 29.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after acquiring an additional 1,231 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.
Independent Bank Stock Performance
NASDAQ:INDB opened at $67.04 on Tuesday. The business has a 50 day moving average of $68.35 and a 200 day moving average of $63.19. The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 14.57 and a beta of 0.78. 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.
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 was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.40%. Independent Bank’s dividend payout ratio (DPR) is currently 49.57%.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on INDB. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target for the company in a research report on Monday, October 21st. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Keefe, Bruyette & Woods lifted their price target on Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a research report on Thursday, December 12th. Two equities research analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $78.00.
Read Our Latest Stock Analysis on Independent Bank
Independent Bank 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.
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