Intech Investment Management LLC Makes New $830,000 Investment in Independent Bank Corp. (NASDAQ:INDB)

Intech Investment Management LLC bought a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 16,360 shares of the bank’s stock, valued at approximately $830,000.

A number of other hedge funds have also recently made changes to their positions in INDB. EntryPoint Capital LLC purchased a new stake in shares of Independent Bank in the first quarter valued at approximately $47,000. Innealta Capital LLC purchased a new stake in Independent Bank in the second quarter worth about $73,000. Vanguard Personalized Indexing Management LLC bought a new position in Independent Bank during the 4th quarter worth about $217,000. TFO Wealth Partners LLC increased its position in Independent Bank by 215,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 4,304 shares of the bank’s stock valued at $283,000 after purchasing an additional 4,302 shares during the period. Finally, CIBC Asset Management Inc bought a new stake in shares of Independent Bank in the 4th quarter valued at about $290,000. 83.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Independent Bank Stock Down 1.1 %

NASDAQ:INDB opened at $58.86 on Thursday. The company’s 50-day simple moving average is $60.66 and its 200-day simple moving average is $53.92. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a fifty-two week low of $44.63 and a fifty-two week high of $68.75. The stock has a market capitalization of $2.50 billion, a P/E ratio of 11.36 and a beta of 0.75.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.10. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The business had revenue of $244.19 million for the quarter, compared to analyst estimates of $169.07 million. During the same period in the previous year, the company earned $1.42 earnings per share. On average, equities analysts anticipate that Independent Bank Corp. will post 4.68 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 30th will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date of this dividend is Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

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.