Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Clearbridge Investments LLC

Clearbridge Investments LLC decreased its stake in Independent Bank Corp. (NASDAQ:INDB) by 0.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 303,338 shares of the bank’s stock after selling 942 shares during the period. Clearbridge Investments LLC’s holdings in Independent Bank were worth $19,471,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Venturi Wealth Management LLC purchased a new stake in Independent Bank in the fourth quarter valued at approximately $62,000. Smartleaf Asset Management LLC raised 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 purchasing an additional 542 shares during the last quarter. KBC Group NV boosted its stake in 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 period. ST Germain D J Co. Inc. raised its holdings in shares of 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 valued at $142,000 after buying an additional 1,737 shares during the last quarter. Finally, Relyea Zuckerberg Hanson LLC acquired a new stake in shares of Independent Bank during the fourth quarter worth about $250,000. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Stock Up 0.6 %

Independent Bank stock opened at $62.88 on Thursday. The stock’s 50 day moving average price is $66.11 and its 200 day moving average price is $65.74. The company has a market cap of $2.68 billion, a PE ratio of 13.91 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.

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, 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%. On average, sell-side analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The business 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 represents a $2.36 dividend on an annualized basis and a dividend yield of 3.75%. This is an increase from Independent Bank’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Monday, March 31st. Independent Bank’s dividend payout ratio (DPR) is presently 52.21%.

Insider Transactions at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction 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 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 filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a research note on Tuesday, March 25th. Raymond James restated a “strong-buy” rating and set a $78.00 price target (up previously from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a research report on Tuesday, January 21st.

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.