Swiss National Bank Has $5.37 Million Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Swiss National Bank grew its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 0.8% in the fourth quarter, HoldingsChannel reports. The fund owned 83,578 shares of the bank’s stock after acquiring an additional 700 shares during the period. Swiss National Bank’s holdings in Independent Bank were worth $5,365,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in INDB. CIBC Asset Management Inc increased its position in shares of Independent Bank by 3.9% in the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank’s stock valued at $270,000 after acquiring an additional 158 shares during the last quarter. GHP Investment Advisors Inc. grew its stake in Independent Bank by 0.7% in the fourth quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank’s stock valued at $2,083,000 after purchasing an additional 236 shares in the last quarter. Isthmus Partners LLC increased its position in shares of Independent Bank by 0.7% during the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank’s stock worth $2,395,000 after purchasing an additional 245 shares during the last quarter. HighTower Advisors LLC raised its stake in shares of Independent Bank by 4.1% during the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank’s stock worth $438,000 after purchasing an additional 267 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Independent Bank by 0.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank’s stock valued at $4,911,000 after buying an additional 285 shares during the last quarter. 83.40% of the stock is owned by institutional investors.

Independent Bank Trading Up 3.3 %

Shares of Independent Bank stock opened at $65.15 on Tuesday. 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 business has a fifty day simple moving average of $66.42 and a two-hundred day simple moving average of $65.59. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 14.41 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last posted 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%. Research analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.62%. This is a positive change from Independent Bank’s previous quarterly dividend of $0.57. Independent Bank’s dividend payout ratio (DPR) is 50.44%.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of equities analysts recently weighed in on INDB shares. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Tuesday. Raymond James reaffirmed a “strong-buy” rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods cut their target price on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, January 21st.

About Independent Bank

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.