Nisa Investment Advisors LLC Boosts Position in Independent Bank Corp. (NASDAQ:INDB)

Nisa Investment Advisors LLC grew its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 4.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,677 shares of the bank’s stock after buying an additional 434 shares during the period. Nisa Investment Advisors LLC’s holdings in Independent Bank were worth $703,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Boston Trust Walden Corp increased its stake in shares of Independent Bank by 22.1% during the fourth quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock valued at $34,097,000 after buying an additional 93,901 shares during the period. Crestwood Advisors Group LLC purchased a new position in shares of Independent Bank during the third quarter valued at approximately $4,663,000. Assenagon Asset Management S.A. purchased a new position in shares of Independent Bank during the fourth quarter valued at approximately $3,463,000. Canvas Wealth Advisors LLC purchased a new position in shares of Independent Bank during the third quarter valued at approximately $399,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Independent Bank during the third quarter valued at approximately $659,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Trading Down 0.5 %

NASDAQ INDB opened at $48.47 on Wednesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.42. Independent Bank Corp. has a twelve month low of $43.28 and a twelve month high of $68.75. The firm has a market capitalization of $2.06 billion, a PE ratio of 8.94 and a beta of 0.83. The stock’s 50 day moving average is $51.23 and its 200 day moving average is $54.90.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, January 18th. The bank reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. Independent Bank had a return on equity of 8.35% and a net margin of 26.02%. The company had revenue of $177.16 million for the quarter, compared to analyst estimates of $176.75 million. Research analysts forecast that Independent Bank Corp. will post 4.58 earnings per share for the current fiscal year.

Independent Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Monday, April 1st were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 4.70%. This is an increase from Independent Bank’s previous quarterly dividend of $0.55. The ex-dividend date was Thursday, March 28th. Independent Bank’s payout ratio is 42.07%.

Insiders Place Their Bets

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $52.83, for a total value of $42,264.00. Following the sale, the director now directly owns 11,640 shares of the company’s stock, valued at $614,941.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods dropped their price target on Independent Bank from $66.00 to $64.00 and set a “market perform” rating on the stock in a research report on Monday, January 22nd. TheStreet lowered Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th.

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.