Great West Life Assurance Co. Can Increases Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Great West Life Assurance Co. Can raised its stake in Independent Bank Corp. (NASDAQ:INDBGet Rating) by 16.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 53,634 shares of the bank’s stock after purchasing an additional 7,704 shares during the quarter. Great West Life Assurance Co. Can’s holdings in Independent Bank were worth $3,997,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Citigroup Inc. lifted its holdings in shares of Independent Bank by 12.0% in the 1st quarter. Citigroup Inc. now owns 41,709 shares of the bank’s stock valued at $3,407,000 after buying an additional 4,461 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Independent Bank by 65.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,399 shares of the bank’s stock valued at $522,000 after buying an additional 2,534 shares during the period. Bank of Montreal Can lifted its holdings in shares of Independent Bank by 1.3% in the 1st quarter. Bank of Montreal Can now owns 13,404 shares of the bank’s stock valued at $1,141,000 after buying an additional 172 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of Independent Bank by 54.9% in the 1st quarter. MetLife Investment Management LLC now owns 24,416 shares of the bank’s stock valued at $1,995,000 after buying an additional 8,651 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of Independent Bank by 13.4% in the 1st quarter. Rhumbline Advisers now owns 159,365 shares of the bank’s stock valued at $13,019,000 after buying an additional 18,854 shares during the period. 81.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on INDB. Raymond James began coverage on Independent Bank in a report on Tuesday, December 20th. They issued 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 target for the company. in a report on Monday, December 12th. StockNews.com initiated coverage on Independent Bank in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Compass Point cut their price target on Independent Bank to $100.00 in a report on Thursday, October 27th. Finally, Piper Sandler cut their price target on Independent Bank to $83.00 in a report on Wednesday, October 5th.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $76.91 on Monday. The company has a market cap of $3.51 billion, a P/E ratio of 13.49 and a beta of 0.86. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.04. Independent Bank Corp. has a 52 week low of $74.28 and a 52 week high of $91.65. The business has a fifty day simple moving average of $84.74 and a 200-day simple moving average of $82.63.

Independent Bank (NASDAQ:INDBGet Rating) last announced its quarterly earnings data on Thursday, October 20th. The bank reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The business had revenue of $190.80 million during the quarter, compared to the consensus estimate of $178.60 million. Independent Bank had a return on equity of 9.32% and a net margin of 34.83%. Equities research analysts forecast that Independent Bank Corp. will post 6.63 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 6th. Stockholders of record on Tuesday, December 27th were given a $0.55 dividend. The ex-dividend date was Friday, December 23rd. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.86%. This is an increase from Independent Bank’s previous quarterly dividend of $0.51. Independent Bank’s payout ratio is currently 38.60%.

Independent Bank 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.

Featured Stories

Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp. (NASDAQ:INDBGet Rating).

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

Receive News & Ratings for Independent Bank Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank and related companies with MarketBeat.com's FREE daily email newsletter.