Envestnet Asset Management Inc. Has $1.02 Million Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Envestnet Asset Management Inc. grew its stake in shares of Independent Bank Corp. (NASDAQ:INDBGet Rating) by 13.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,862 shares of the bank’s stock after acquiring an additional 1,510 shares during the period. Envestnet Asset Management Inc.’s holdings in Independent Bank were worth $1,022,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Venture Visionary Partners LLC acquired a new stake in Independent Bank during the 2nd quarter worth approximately $57,000. Van ECK Associates Corp acquired a new stake in shares of Independent Bank during the second quarter worth $94,000. Xponance Inc. bought a new stake in shares of Independent Bank in the second quarter valued at about $201,000. Private Advisor Group LLC acquired a new position in shares of Independent Bank in the second quarter valued at about $228,000. Finally, Guggenheim Capital LLC increased its position in Independent Bank by 12.3% during the first quarter. Guggenheim Capital LLC now owns 2,965 shares of the bank’s stock worth $242,000 after acquiring an additional 325 shares during the period. Institutional investors own 81.45% of the company’s stock.

Independent Bank Stock Down 0.5 %

INDB stock opened at $87.94 on Friday. Independent Bank Corp. has a 52 week low of $74.28 and a 52 week high of $89.46. The business has a 50-day simple moving average of $82.47 and a 200 day simple moving average of $81.43. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.04. The company has a market cap of $4.01 billion, a PE ratio of 21.71 and a beta of 0.85.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 7th. Stockholders of record on Monday, September 26th were given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Friday, September 23rd. Independent Bank’s payout ratio is presently 50.37%.

Analysts Set New Price Targets

A number of analysts have issued reports on INDB shares. Piper Sandler cut their price objective on shares of Independent Bank to $83.00 in a report on Wednesday, October 5th. Compass Point cut their price target on Independent Bank to $100.00 in a research note on Thursday, October 27th. Finally, StockNews.com initiated coverage on Independent Bank in a research note on Wednesday, October 12th. They set a “hold” rating on the stock.

Independent Bank Company Profile

(Get Rating)

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 primarily in Massachusetts. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

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Institutional Ownership by Quarter for Independent Bank (NASDAQ:INDB)

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