CIBC Asset Management Inc Raises Position in Independent Bank Corp. (NASDAQ:INDB)

CIBC Asset Management Inc increased its holdings in Independent Bank Corp. (NASDAQ:INDB) by 3.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 4,206 shares of the bank’s stock after purchasing an additional 158 shares during the period. CIBC Asset Management Inc’s holdings in Independent Bank were worth $270,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in Independent Bank by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank’s stock worth $60,170,000 after buying an additional 8,987 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Independent Bank by 4.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock worth $30,964,000 after acquiring an additional 22,919 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock valued at $20,024,000 after purchasing an additional 126,791 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position 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 purchasing an additional 28,373 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position 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 purchasing an additional 5,792 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

INDB has been the subject of a number of recent research reports. 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 note on Tuesday, January 21st. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Finally, Keefe, Bruyette & Woods cut 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. Two equities research analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $79.00.

Insiders Place Their Bets

In related news, Director Donna L. Abelli sold 640 shares of the company’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the sale, the director now directly owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. This represents a 4.86 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.87% of the stock is currently owned by company insiders.

Independent Bank Stock Performance

Independent Bank stock opened at $67.79 on Tuesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The stock has a 50 day moving average of $66.41 and a 200-day moving average of $65.06. The stock has a market cap of $2.88 billion, a P/E ratio of 15.00 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.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, topping 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%. On average, analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Monday, December 30th. Independent Bank’s payout ratio is currently 50.44%.

Independent Bank Company 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.