KLP Kapitalforvaltning AS Purchases New Stake in Independent Bank Corp. (NASDAQ:INDB)

KLP Kapitalforvaltning AS acquired a new position in Independent Bank Corp. (NASDAQ:INDB) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 8,642 shares of the bank’s stock, valued at approximately $559,000.

Several other hedge funds and other institutional investors have also modified their holdings of INDB. Charles Schwab Investment Management Inc. boosted its position in shares of Independent Bank by 4.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock worth $30,964,000 after buying an additional 22,919 shares during the period. Cerity Partners LLC grew its holdings in shares of Independent Bank by 46.0% in the 3rd quarter. Cerity Partners LLC now owns 15,248 shares of the bank’s stock worth $902,000 after acquiring an additional 4,805 shares during the last quarter. FMR LLC increased its stake in Independent Bank by 312.3% in the 3rd quarter. FMR LLC now owns 26,728 shares of the bank’s stock worth $1,580,000 after purchasing an additional 20,246 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Independent Bank by 106.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank’s stock valued at $1,483,000 after acquiring an additional 12,904 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Independent Bank by 9.9% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,418 shares of the bank’s stock valued at $557,000 after purchasing an additional 850 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Raymond James reiterated a “strong-buy” rating and issued a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research note on Tuesday, January 21st. Finally, StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Tuesday, March 25th.

Independent Bank Stock Up 0.6 %

Shares of INDB stock opened at $62.88 on Thursday. The stock has a market cap of $2.68 billion, a P/E ratio of 13.91 and a beta of 0.77. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a fifty day moving average price of $66.11 and a 200 day moving average price of $65.74. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23.

Independent Bank (NASDAQ:INDB) last announced 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 predict that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be paid a $0.59 dividend. The ex-dividend date is Monday, March 31st. This is an increase from Independent Bank’s previous quarterly dividend of $0.57. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.75%. Independent Bank’s payout ratio is currently 52.21%.

Insider Activity at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.87% of the stock is currently owned by company insiders.

About Independent Bank

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.