Zacks Investment Management Takes $544,000 Position in Independent Bank Corp. (NASDAQ:INDB)

Zacks Investment Management purchased a new position in Independent Bank Corp. (NASDAQ:INDB) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 9,194 shares of the bank’s stock, valued at approximately $544,000.

Several other institutional investors also recently added to or reduced their stakes in INDB. CWM LLC increased its stake in Independent Bank by 2.7% in the 2nd quarter. CWM LLC now owns 8,704 shares of the bank’s stock worth $441,000 after buying an additional 232 shares during the period. SG Americas Securities LLC increased its stake in Independent Bank by 186.3% in the 2nd quarter. SG Americas Securities LLC now owns 15,186 shares of the bank’s stock worth $770,000 after buying an additional 9,881 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Independent Bank by 4.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 23,236 shares of the bank’s stock worth $1,179,000 after buying an additional 968 shares during the period. Blue Trust Inc. purchased a new position in Independent Bank in the 2nd quarter worth about $403,000. Finally, Leeward Investments LLC MA grew its holdings in Independent Bank by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 262,284 shares of the bank’s stock worth $13,303,000 after acquiring an additional 13,916 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Down 0.1 %

Shares of Independent Bank stock opened at $70.59 on Wednesday. The firm’s 50 day moving average price is $66.78 and its 200-day moving average price is $59.74. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23. The company has a market cap of $3.00 billion, a P/E ratio of 15.35 and a beta of 0.76.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The firm had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. During the same quarter in the previous year, the firm earned $1.38 EPS. On average, sell-side analysts predict that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s payout ratio is currently 49.57%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on INDB shares. Keefe, Bruyette & Woods increased their target price on shares of Independent Bank from $65.00 to $77.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. StockNews.com cut shares of Independent Bank from a “hold” rating to a “sell” rating in a report 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 on the stock in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $75.50.

About Independent Bank

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.