Fisher Asset Management LLC Purchases 69,753 Shares of Independent Bank Corp. (NASDAQ:INDB)

Fisher Asset Management LLC lifted its position in Independent Bank Corp. (NASDAQ:INDB) by 58.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 188,385 shares of the bank’s stock after purchasing an additional 69,753 shares during the quarter. Fisher Asset Management LLC owned about 0.44% of Independent Bank worth $12,092,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Venturi Wealth Management LLC bought a new stake in shares of Independent Bank in the fourth quarter worth about $62,000. KBC Group NV increased its holdings in shares of 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 purchasing an additional 490 shares during the last quarter. ST Germain D J Co. Inc. grew its position in Independent Bank by 364.9% in 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Independent Bank in the third quarter worth about $222,000. Finally, Relyea Zuckerberg Hanson LLC purchased a new position in Independent Bank in the fourth quarter worth about $250,000. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Down 0.8 %

Shares of NASDAQ:INDB opened at $68.03 on Tuesday. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23. The business has a 50 day simple moving average of $66.57 and a two-hundred day simple moving average of $65.42. The firm has a market capitalization of $2.89 billion, a PE ratio of 15.05 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 (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%. On average, equities analysts predict that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were given a dividend of $0.57 per share. The ex-dividend date was Monday, December 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.35%. Independent Bank’s dividend payout ratio (DPR) is presently 50.44%.

Insider Buying and Selling at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 12,516 shares in the company, valued at $876,495.48. The trade was a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.87% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on INDB shares. Keefe, Bruyette & Woods dropped their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research report on Tuesday, January 21st. Raymond James reiterated a “strong-buy” rating and issued a $78.00 price target (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Finally, StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research report 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’s stock. Based on data from MarketBeat, Independent Bank currently has a consensus rating of “Buy” and an average price target 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.