Independent Bank Corp. (NASDAQ:INDB) Shares Acquired by Intech Investment Management LLC

Intech Investment Management LLC increased its position in Independent Bank Corp. (NASDAQ:INDB) by 54.5% during the fourth quarter, Holdings Channel reports. The fund owned 40,531 shares of the bank’s stock after purchasing an additional 14,300 shares during the quarter. Intech Investment Management LLC’s holdings in Independent Bank were worth $2,602,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of INDB. Venturi Wealth Management LLC acquired a new stake in shares of Independent Bank in the 4th quarter worth about $62,000. Smartleaf Asset Management LLC grew its position in Independent Bank by 105.4% in 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 in the last quarter. KBC Group NV grew its position in Independent Bank by 34.5% in the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after buying an additional 490 shares in the last quarter. ST Germain D J Co. Inc. grew its position in 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 buying an additional 1,737 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Independent Bank in the 3rd quarter valued at about $222,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Performance

NASDAQ:INDB opened at $64.04 on Thursday. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average of $66.27 and a 200-day moving average of $65.52. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 14.17 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data 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%. Analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Analyst Ratings Changes

INDB has been the subject of a number of recent analyst reports. 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. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Saturday, March 15th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of 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.

Insiders Place Their Bets

In other news, Director Donna L. Abelli sold 640 shares of the stock in a transaction that occurred on 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 directly owns 12,516 shares of the company’s stock, valued at $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.87% of the company’s stock.

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.