Y Intercept Hong Kong Ltd Has $1.11 Million Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Y Intercept Hong Kong Ltd lessened its stake in Independent Bank Corp. (NASDAQ:INDB) by 23.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,269 shares of the bank’s stock after selling 5,189 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Independent Bank were worth $1,108,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in INDB. Venturi Wealth Management LLC bought a new stake in Independent Bank during the fourth quarter worth $62,000. KBC Group NV increased its stake in shares of Independent Bank by 34.5% during the 4th 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. raised its holdings in shares of Independent Bank by 364.9% in the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after purchasing an additional 1,737 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Independent Bank in the 3rd quarter valued at about $222,000. Finally, Relyea Zuckerberg Hanson LLC bought a new position in Independent Bank during the fourth quarter worth about $250,000. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Up 0.6 %

Independent Bank stock opened at $68.41 on Thursday. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The stock has a market cap of $2.91 billion, a P/E ratio of 15.13 and a beta of 0.77. The company’s 50-day moving average price is $66.38 and its two-hundred day moving average price is $65.13. 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 released its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, topping 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%. As a group, analysts expect that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were given a $0.57 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.33%. Independent Bank’s payout ratio is presently 50.44%.

Insider Activity at Independent Bank

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares of the company’s stock, valued at $876,495.48. The trade was a 4.86 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.87% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on INDB shares. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods decreased their target price 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 reaffirmed a “strong-buy” rating and set a $78.00 price target (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $79.00.

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.