Independent Bank Corp. (NASDAQ:INDB) Shares Bought by HighTower Advisors LLC

HighTower Advisors LLC grew its position in Independent Bank Corp. (NASDAQ:INDB) by 6.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,556 shares of the bank’s stock after acquiring an additional 415 shares during the quarter. HighTower Advisors LLC’s holdings in Independent Bank were worth $383,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of INDB. Innealta Capital LLC acquired a new stake in Independent Bank during the 2nd quarter worth $73,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Independent Bank during the third quarter worth about $222,000. Los Angeles Capital Management LLC purchased a new position in shares of Independent Bank during the third quarter worth about $257,000. Profund Advisors LLC acquired a new position in Independent Bank in the 2nd quarter valued at about $229,000. Finally, Vanguard Personalized Indexing Management LLC raised its stake in Independent Bank by 29.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after acquiring an additional 1,231 shares during the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

INDB has been the topic of a number of recent research reports. Keefe, Bruyette & Woods boosted their target price on Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a report on Thursday, December 12th. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price for the company in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $78.00.

Independent Bank Trading Up 0.8 %

Shares of INDB stock opened at $66.02 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The firm has a market capitalization of $2.81 billion, a PE ratio of 14.35 and a beta of 0.76. The business’s fifty day moving average price is $68.56 and its 200 day moving average price is $60.80.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The firm had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. During the same period last year, the business posted $1.38 EPS. As a group, sell-side 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 will be paid on Monday, January 6th. Stockholders of record on Monday, December 30th will be paid a dividend of $0.57 per share. The ex-dividend date of this dividend is Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.45%. Independent Bank’s dividend payout ratio (DPR) is 49.57%.

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.