Boston Trust Walden Corp Decreases Position in Independent Bank Corp. (NASDAQ:INDB)

Boston Trust Walden Corp reduced its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 606,743 shares of the bank’s stock after selling 12,570 shares during the period. Boston Trust Walden Corp owned 1.43% of Independent Bank worth $38,947,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in INDB. Millennium Management LLC lifted its holdings in Independent Bank by 258.9% in the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock valued at $15,177,000 after purchasing an additional 215,860 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock worth $20,024,000 after buying an additional 126,791 shares in the last quarter. Verition Fund Management LLC grew its stake in Independent Bank by 1,697.7% during the 3rd quarter. Verition Fund Management LLC now owns 132,435 shares of the bank’s stock valued at $7,831,000 after acquiring an additional 125,068 shares in the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new stake in Independent Bank in the 3rd quarter valued at about $5,802,000. Finally, Algert Global LLC lifted its stake in Independent Bank by 172.4% in the 3rd quarter. Algert Global LLC now owns 138,146 shares of the bank’s stock worth $8,169,000 after purchasing an additional 87,440 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Performance

NASDAQ INDB opened at $66.23 on Tuesday. The company has a market cap of $2.81 billion, a P/E ratio of 14.65 and a beta of 0.77. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. 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 stock has a 50-day moving average of $67.42 and a two-hundred day moving average of $64.15.

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%. As a group, analysts anticipate that Independent Bank Corp. will post 5.42 EPS for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were paid a dividend of $0.57 per share. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 annualized dividend and a yield of 3.44%. Independent Bank’s payout ratio is 50.44%.

Analyst Ratings Changes

INDB has been the subject of a number of analyst reports. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods reduced their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a report on Tuesday, January 21st. Finally, Raymond James reissued a “strong-buy” rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a 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 stock currently has an average rating of “Buy” and a consensus target price of $79.00.

Independent Bank Company 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.