Independent Bank Corp. (NASDAQ:INDB) Shares Acquired by Boston Financial Mangement LLC

Boston Financial Mangement LLC increased its position in Independent Bank Corp. (NASDAQ:INDB) by 127.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,934 shares of the bank’s stock after buying an additional 4,447 shares during the quarter. Boston Financial Mangement LLC’s holdings in Independent Bank were worth $509,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Handelsbanken Fonder AB boosted its position in shares of Independent Bank by 14.7% in the 4th quarter. Handelsbanken Fonder AB now owns 10,129 shares of the bank’s stock valued at $650,000 after purchasing an additional 1,300 shares during the period. Ieq Capital LLC boosted its position in shares of Independent Bank by 120.2% in the 4th quarter. Ieq Capital LLC now owns 13,890 shares of the bank’s stock valued at $892,000 after purchasing an additional 7,582 shares during the period. New York State Common Retirement Fund boosted its position in shares of Independent Bank by 681.3% in the 4th quarter. New York State Common Retirement Fund now owns 101,431 shares of the bank’s stock valued at $6,511,000 after purchasing an additional 88,448 shares during the period. Angel Oak Capital Advisors LLC acquired a new position in shares of Independent Bank in the 4th quarter valued at $642,000. Finally, Venturi Wealth Management LLC acquired a new position in shares of Independent Bank in the 4th quarter valued at $62,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Down 0.4 %

INDB opened at $69.51 on Friday. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The business has a 50-day moving average of $66.55 and a 200-day moving average of $64.83. 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 company has a market capitalization of $2.95 billion, a PE ratio of 15.38 and a beta of 0.77.

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

Independent Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend was Monday, December 30th. Independent Bank’s dividend payout ratio (DPR) is presently 50.44%.

Analyst Ratings Changes

Several brokerages recently issued reports on INDB. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Raymond James reissued a “strong-buy” rating and issued a $78.00 price objective (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods reduced their price objective 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. Two analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Independent Bank has a consensus rating of “Buy” and an average price target of $79.00.

Insider Activity

In other news, Director Donna L. Abelli sold 640 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $876,495.48. This represents a 4.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.87% of the stock is currently owned by insiders.

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.