American Century Companies Inc. Grows Holdings in Independent Bank Corp. (NASDAQ:INDB)

American Century Companies Inc. grew its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 48.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 273,264 shares of the bank’s stock after purchasing an additional 89,317 shares during the quarter. American Century Companies Inc.’s holdings in Independent Bank were worth $13,860,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its holdings in shares of Independent Bank by 5.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock valued at $33,513,000 after acquiring an additional 25,664 shares in the last quarter. Quantbot Technologies LP purchased a new position in Independent Bank during the first quarter valued at approximately $1,169,000. BNP Paribas Financial Markets increased its holdings in Independent Bank by 89.8% during the first quarter. BNP Paribas Financial Markets now owns 23,769 shares of the bank’s stock valued at $1,236,000 after buying an additional 11,244 shares during the period. Edgestream Partners L.P. raised its stake in Independent Bank by 462.0% in the first quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock worth $2,746,000 after buying an additional 43,391 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in Independent Bank during the first quarter worth $461,000. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

Shares of INDB opened at $60.59 on Friday. The company has a 50 day moving average of $60.46 and a two-hundred day moving average of $53.75. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24. Independent Bank Corp. has a twelve month low of $44.63 and a twelve month high of $68.75. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 11.70 and a beta of 0.75.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.10. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The firm had revenue of $244.19 million during the quarter, compared to analysts’ expectations of $169.07 million. During the same quarter last year, the firm earned $1.42 EPS. As a group, analysts predict that Independent Bank Corp. will post 4.75 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.57 per share. The ex-dividend date is Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.76%. Independent Bank’s payout ratio is 44.02%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on INDB shares. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th.

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.