Independent Bank Corp. (NASDAQ:INDB) Holdings Boosted by Empowered Funds LLC

Empowered Funds LLC grew its holdings in Independent Bank Corp. (NASDAQ:INDB) by 5.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 123,208 shares of the bank’s stock after purchasing an additional 5,985 shares during the period. Empowered Funds LLC’s holdings in Independent Bank were worth $7,909,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. BNP Paribas Financial Markets raised its position in Independent Bank by 106.0% during the third quarter. BNP Paribas Financial Markets now owns 25,077 shares of the bank’s stock valued at $1,483,000 after buying an additional 12,904 shares during the period. Centiva Capital LP acquired a new position in shares of Independent Bank in the 3rd quarter valued at about $535,000. JPMorgan Chase & Co. lifted its position 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 purchasing an additional 126,791 shares in the last quarter. Eastern Bank boosted its holdings in shares of Independent Bank by 454.7% during the third quarter. Eastern Bank now owns 23,237 shares of the bank’s stock worth $1,374,000 after purchasing an additional 19,048 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Independent Bank by 11.1% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank’s stock valued at $16,773,000 after purchasing an additional 28,373 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Performance

INDB stock opened at $69.28 on Tuesday. The firm has a 50 day moving average of $66.96 and a two-hundred day moving average of $64.45. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of 15.33 and a beta of 0.77. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data 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, equities analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend was Monday, December 30th. Independent Bank’s dividend payout ratio is 50.44%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Raymond James reiterated a “strong-buy” rating and issued a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods cut their price objective on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st. Finally, StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Two research analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently 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.