Independent Bank Corp. (NASDAQ:INDB) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 3.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,206 shares of the bank’s stock after buying an additional 158 shares during the period. CIBC Asset Management Inc’s holdings in Independent Bank were worth $270,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. KBC Group NV raised its stake in Independent Bank by 34.5% during the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after acquiring an additional 490 shares during the last quarter. ST Germain D J Co. Inc. raised its stake in shares of Independent Bank by 364.9% during the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after purchasing an additional 1,737 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Independent Bank during the third quarter worth approximately $222,000. Relyea Zuckerberg Hanson LLC acquired a new stake in shares of Independent Bank during the fourth quarter worth $250,000. Finally, Los Angeles Capital Management LLC purchased a new position in Independent Bank in the 3rd quarter valued at $257,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

NASDAQ:INDB opened at $67.79 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The firm’s fifty day simple moving average is $66.41 and its 200-day simple moving average is $65.06. The stock has a market cap of $2.88 billion, a PE ratio of 15.00 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were issued a dividend of $0.57 per share. The ex-dividend date was Monday, December 30th. This represents a $2.28 annualized dividend and a yield of 3.36%. Independent Bank’s dividend payout ratio is presently 50.44%.

Insiders Place Their Bets

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the sale, the director now owns 12,516 shares of the company’s stock, valued at $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.87% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

INDB has been the topic of several analyst reports. Keefe, Bruyette & Woods lowered their target price on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a report on Tuesday, January 21st. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Finally, Raymond James reiterated a “strong-buy” rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $79.00.

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.