Excalibur Management Corp Decreases Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Excalibur Management Corp cut its holdings in Independent Bank Corp. (NASDAQ:INDB) by 4.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 22,850 shares of the bank’s stock after selling 1,000 shares during the quarter. Excalibur Management Corp owned 0.05% of Independent Bank worth $1,467,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Venturi Wealth Management LLC purchased a new stake in Independent Bank during the fourth quarter valued at approximately $62,000. Smartleaf Asset Management LLC raised its holdings in Independent Bank by 105.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock valued at $68,000 after buying an additional 542 shares during the period. KBC Group NV lifted its position in Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after buying an additional 490 shares during the last quarter. ST Germain D J Co. Inc. boosted its stake in 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 buying an additional 1,737 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Independent Bank during the third quarter valued at $222,000. Institutional investors own 83.40% of the company’s stock.

Insider Activity

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the transaction, the director now directly owns 12,516 shares of the company’s stock, valued at $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.87% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports 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 set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods decreased their price target 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.

Independent Bank Trading Up 0.0 %

Shares of INDB opened at $65.18 on Wednesday. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 14.42 and a beta of 0.77. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The company has a 50-day moving average of $66.45 and a 200 day moving average of $65.62.

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, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. On average, research analysts expect that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

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

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.