Zurcher Kantonalbank Zurich Cantonalbank Purchases 850 Shares of Independent Bank Corp. (NASDAQ:INDB)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Independent Bank Corp. (NASDAQ:INDB) by 9.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,418 shares of the bank’s stock after buying an additional 850 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Independent Bank were worth $557,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of INDB. Innealta Capital LLC purchased a new position in Independent Bank in the second quarter worth $73,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Independent Bank during the 3rd quarter worth $222,000. Profund Advisors LLC acquired a new position in Independent Bank during the 2nd quarter valued at about $229,000. Los Angeles Capital Management LLC purchased a new stake in Independent Bank in the third quarter valued at about $257,000. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after acquiring an additional 1,231 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Up 0.5 %

Independent Bank stock opened at $71.77 on Friday. The business’s 50-day moving average price is $66.28 and its 200 day moving average price is $59.42. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of 15.60 and a beta of 0.76. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, topping 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 business had revenue of $250.07 million for the quarter, compared to analysts’ expectations of $173.24 million. During the same quarter last year, the company earned $1.38 EPS. As a group, sell-side analysts anticipate that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were given a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.18%. Independent Bank’s dividend payout ratio (DPR) is currently 49.57%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on INDB shares. Raymond James upgraded 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 report on Monday, October 21st. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Independent Bank from $65.00 to $77.00 and gave the stock a “market perform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $75.50.

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.