Connor Clark & Lunn Investment Management Ltd. Invests $222,000 in Independent Bank Corp. (NASDAQ:INDB)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Independent Bank Corp. (NASDAQ:INDB) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 3,751 shares of the bank’s stock, valued at approximately $222,000.

Several other hedge funds and other institutional investors have also bought and sold shares of INDB. Victory Capital Management Inc. boosted its stake in Independent Bank by 25.2% during the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock worth $86,283,000 after acquiring an additional 342,201 shares during the last quarter. Millennium Management LLC boosted its stake in Independent Bank by 258.9% during the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock worth $15,177,000 after acquiring an additional 215,860 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Independent Bank by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after acquiring an additional 186,680 shares during the last quarter. Great Lakes Advisors LLC bought a new position in Independent Bank during the 2nd quarter worth approximately $5,405,000. Finally, Rockland Trust Co. boosted its stake in Independent Bank by 14.3% during the 2nd quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock worth $37,405,000 after acquiring an additional 92,438 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

Shares of INDB opened at $72.39 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The firm’s 50 day moving average price is $65.01 and its two-hundred day moving average price is $58.80. The firm has a market cap of $3.08 billion, a P/E ratio of 15.74 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 for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The firm had revenue of $250.07 million for the quarter, compared to analyst estimates of $173.24 million. During the same quarter in the previous year, the firm posted $1.38 earnings per share. On average, analysts forecast that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were issued a $0.57 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.15%. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

Analyst Ratings Changes

Several research analysts recently weighed in 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 on the stock in a research note on Monday, October 21st. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods lifted their price target 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $69.50.

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.