Verition Fund Management LLC Has $7.83 Million Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Verition Fund Management LLC boosted its stake in Independent Bank Corp. (NASDAQ:INDB) by 1,697.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 132,435 shares of the bank’s stock after acquiring an additional 125,068 shares during the period. Verition Fund Management LLC’s holdings in Independent Bank were worth $7,831,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in Independent Bank during the 2nd quarter worth about $73,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Independent Bank during the third quarter worth approximately $222,000. Profund Advisors LLC bought a new stake in Independent Bank in the second quarter worth approximately $229,000. Los Angeles Capital Management LLC acquired a new position in Independent Bank in the third quarter valued at approximately $257,000. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Independent Bank by 29.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after buying an additional 1,231 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on INDB shares. Keefe, Bruyette & Woods boosted 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 report 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 on the stock in a report on Monday, October 21st. Finally, StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $69.50.

Independent Bank Stock Performance

NASDAQ INDB opened at $72.39 on Monday. The company has a market cap of $3.08 billion, a P/E ratio of 15.74 and a beta of 0.73. The company has a fifty day simple moving average of $65.01 and a 200 day simple moving average of $58.80. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $77.23.

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, beating 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 during the quarter, compared to analysts’ expectations of $173.24 million. During the same period last year, the company earned $1.38 earnings per share. Sell-side analysts predict that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.15%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

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.