Charles Schwab Investment Management Inc. Has $34.98 Million Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Charles Schwab Investment Management Inc. boosted its holdings in Independent Bank Corp. (NASDAQ:INDB) by 4.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 544,948 shares of the bank’s stock after acquiring an additional 21,289 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Independent Bank were worth $34,980,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Venturi Wealth Management LLC acquired a new stake in Independent Bank in the fourth quarter valued at about $62,000. Smartleaf Asset Management LLC raised its position in shares of Independent Bank by 105.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after acquiring an additional 542 shares during the last quarter. KBC Group NV raised its position in shares of Independent Bank by 34.5% during the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after acquiring an additional 490 shares during the last quarter. ST Germain D J Co. Inc. raised its position 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 acquiring an additional 1,737 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Independent Bank during the third quarter worth about $222,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank 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 sale, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.97% of the stock is currently owned by corporate insiders.

Independent Bank Trading Up 3.7 %

Shares of Independent Bank stock opened at $63.66 on Monday. The stock has a market capitalization of $2.71 billion, a PE ratio of 14.08 and a beta of 0.77. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The stock has a 50 day moving average price of $66.20 and a two-hundred day moving average price of $65.53.

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on INDB. Raymond James restated a “strong-buy” rating and set a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods decreased their target price on 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. Finally, StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday.

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.