Cambridge Investment Research Advisors Inc. Increases Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Cambridge Investment Research Advisors Inc. raised its position in shares of Independent Bank Corp. (NASDAQ:INDBGet Rating) by 21.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,434 shares of the bank’s stock after purchasing an additional 602 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Independent Bank were worth $256,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Cox Capital Mgt LLC bought a new stake in Independent Bank in the 3rd quarter worth about $394,000. New England Research & Management Inc. grew its stake in shares of Independent Bank by 2.7% during the 3rd quarter. New England Research & Management Inc. now owns 14,958 shares of the bank’s stock valued at $1,115,000 after purchasing an additional 400 shares during the period. Centiva Capital LP bought a new stake in shares of Independent Bank during the 2nd quarter valued at about $250,000. Jane Street Group LLC bought a new stake in shares of Independent Bank during the 2nd quarter valued at about $1,637,000. Finally, Thrivent Financial for Lutherans grew its stake in shares of Independent Bank by 19.4% during the 2nd quarter. Thrivent Financial for Lutherans now owns 45,959 shares of the bank’s stock valued at $3,651,000 after purchasing an additional 7,453 shares during the period. Hedge funds and other institutional investors own 81.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on INDB. Raymond James began coverage on Independent Bank in a research note on Tuesday, December 20th. They set a “market perform” rating for the company. Keefe, Bruyette & Woods cut Independent Bank from an “outperform” rating to a “market perform” rating and set a $100.00 price objective on the stock. in a research report on Monday, December 12th. Piper Sandler lowered their price objective on Independent Bank to $83.00 in a research report on Wednesday, October 5th. StockNews.com began coverage on Independent Bank in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Compass Point lowered their price objective on Independent Bank to $100.00 in a research report on Thursday, October 27th.

Independent Bank Stock Down 0.1 %

NASDAQ INDB opened at $81.70 on Friday. The stock’s 50 day moving average is $85.48 and its 200 day moving average is $82.65. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.04. Independent Bank Corp. has a 12 month low of $74.28 and a 12 month high of $91.65. The stock has a market cap of $3.73 billion, a PE ratio of 20.17 and a beta of 0.86.

Independent Bank (NASDAQ:INDBGet Rating) last posted its quarterly earnings results on Thursday, October 20th. The bank reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. Independent Bank had a return on equity of 8.83% and a net margin of 27.07%. The company had revenue of $190.80 million for the quarter, compared to analysts’ expectations of $178.60 million. Research analysts predict that Independent Bank Corp. will post 5.74 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 6th. Stockholders of record on Tuesday, December 27th were issued a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 2.69%. This is a boost from Independent Bank’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Friday, December 23rd. Independent Bank’s dividend payout ratio is 54.32%.

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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