Proficio Capital Partners LLC Invests $1.52 Million in Independent Bank Corp. (NASDAQ:INDB)

Proficio Capital Partners LLC acquired a new position in Independent Bank Corp. (NASDAQ:INDB) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 23,600 shares of the bank’s stock, valued at approximately $1,515,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its holdings in Independent Bank by 106.0% during the third quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank’s stock worth $1,483,000 after buying an additional 12,904 shares in the last quarter. Centiva Capital LP purchased a new stake in Independent Bank during the third quarter worth $535,000. JPMorgan Chase & Co. boosted its holdings in Independent Bank by 59.8% during the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock worth $20,024,000 after buying an additional 126,791 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Independent Bank by 11.1% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank’s stock worth $16,773,000 after buying an additional 28,373 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Independent Bank by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank’s stock worth $13,228,000 after buying an additional 5,792 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Performance

INDB opened at $63.07 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. The company has a market cap of $2.69 billion, a price-to-earnings ratio of 13.95 and a beta of 0.77. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23. The firm’s fifty day simple moving average is $66.28 and its two-hundred day simple moving average is $65.51.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data 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%. Equities analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Monday, March 31st will be paid a $0.59 dividend. This is an increase from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 annualized dividend and a dividend yield of 3.74%. Independent Bank’s dividend payout ratio (DPR) is currently 50.44%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on INDB shares. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Saturday, March 15th. Raymond James reaffirmed a “strong-buy” rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a report on Tuesday, January 21st.

Insider Transactions at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the transaction, the director now directly owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.87% of the company’s stock.

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.