Martingale Asset Management L P Acquires Shares of 11,159 Independent Bank Corp. (NASDAQ:INDB)

Martingale Asset Management L P bought a new position in shares of Independent Bank Corp. (NASDAQ:INDB) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 11,159 shares of the bank’s stock, valued at approximately $660,000.

A number of other institutional investors also recently modified their holdings of INDB. Innealta Capital LLC bought a new position in Independent Bank during the 2nd quarter valued at approximately $73,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Independent Bank during the third quarter valued at approximately $222,000. Profund Advisors LLC bought a new position in shares of Independent Bank during the second quarter valued at approximately $229,000. Los Angeles Capital Management LLC bought a new stake in Independent Bank in the third quarter valued at $257,000. Finally, Vanguard Personalized Indexing Management LLC increased its position in Independent Bank by 29.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after purchasing an additional 1,231 shares during the period. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Stock Up 0.4 %

Shares of Independent Bank stock opened at $72.67 on Tuesday. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. The company has a 50-day moving average of $65.25 and a 200 day moving average of $58.94. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 15.80 and a beta of 0.73.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. The firm had revenue of $250.07 million during the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same period last year, the business earned $1.38 earnings per share. As a group, sell-side analysts anticipate that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were paid a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.14%. Independent Bank’s dividend payout ratio is currently 49.57%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on INDB shares. Keefe, Bruyette & Woods lifted their target price on shares of Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Raymond James upgraded shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a report on Monday, October 21st. Finally, StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $69.50.

Independent Bank Company 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.