Independent Bank Corp. (NASDAQ:INDB) Shares Bought by Empowered Funds LLC

Empowered Funds LLC lifted its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 5.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 123,208 shares of the bank’s stock after acquiring an additional 5,985 shares during the period. Empowered Funds LLC owned 0.29% of Independent Bank worth $7,909,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. BNP Paribas Financial Markets increased its holdings in shares of Independent Bank by 106.0% during the third quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank’s stock valued at $1,483,000 after purchasing an additional 12,904 shares during the period. Centiva Capital LP bought a new position in Independent Bank in the 3rd quarter valued at about $535,000. JPMorgan Chase & Co. increased its stake in Independent Bank by 59.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock valued at $20,024,000 after buying an additional 126,791 shares during the period. Eastern Bank increased its stake in Independent Bank by 454.7% during the 3rd quarter. Eastern Bank now owns 23,237 shares of the bank’s stock valued at $1,374,000 after buying an additional 19,048 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in shares of Independent Bank by 11.1% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank’s stock worth $16,773,000 after acquiring an additional 28,373 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Down 0.7 %

NASDAQ INDB opened at $69.28 on Tuesday. The company has a market capitalization of $2.94 billion, a P/E ratio of 15.33 and a beta of 0.77. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The company’s 50 day simple moving average is $66.96 and its 200 day simple moving average is $64.45.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Equities research analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were paid a $0.57 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.29%. Independent Bank’s dividend payout ratio is currently 50.44%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods lowered their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 21st. Finally, Raymond James restated a “strong-buy” rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $79.00.

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.