Venturi Wealth Management LLC Takes $62,000 Position in Independent Bank Corp. (NASDAQ:INDB)

Venturi Wealth Management LLC purchased a new stake in Independent Bank Corp. (NASDAQ:INDB) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 966 shares of the bank’s stock, valued at approximately $62,000.

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

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the sale, the director now directly owns 12,516 shares in the company, valued at $876,495.48. This represents a 4.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.87% of the stock is owned by company insiders.

Independent Bank Stock Performance

NASDAQ:INDB opened at $67.79 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market capitalization of $2.88 billion, a P/E ratio of 15.00 and a beta of 0.77. The company has a 50 day moving average price of $66.41 and a 200 day moving average price of $65.06. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23.

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

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were issued a dividend of $0.57 per share. 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 3.36%. Independent Bank’s dividend payout ratio (DPR) is presently 50.44%.

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.