Independent Bank Corp. (NASDAQ:INDB) Stake Cut by Bessemer Group Inc.

Bessemer Group Inc. lessened its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 70.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 401 shares of the bank’s stock after selling 939 shares during the quarter. Bessemer Group Inc.’s holdings in Independent Bank were worth $26,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. CIBC Asset Management Inc increased its stake in Independent Bank by 3.9% in the 4th quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank’s stock valued at $270,000 after buying an additional 158 shares during the period. GHP Investment Advisors Inc. raised its holdings in shares of Independent Bank by 0.7% during the fourth quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank’s stock worth $2,083,000 after acquiring an additional 236 shares in the last quarter. Isthmus Partners LLC boosted its position in Independent Bank by 0.7% during the fourth quarter. Isthmus Partners LLC now owns 37,313 shares of the bank’s stock valued at $2,395,000 after purchasing an additional 245 shares during the last quarter. HighTower Advisors LLC increased its position in Independent Bank by 4.1% in the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank’s stock worth $438,000 after purchasing an additional 267 shares during the last quarter. Finally, Stablepoint Partners LLC raised its stake in shares of Independent Bank by 1.6% during the 4th quarter. Stablepoint Partners LLC now owns 23,394 shares of the bank’s stock worth $1,502,000 after purchasing an additional 361 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Up 0.9 %

INDB opened at $55.84 on Friday. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.95 and a current ratio of 0.95. The business has a 50 day moving average price of $62.66 and a 200 day moving average price of $65.23. The firm has a market cap of $2.38 billion, a P/E ratio of 12.35 and a beta of 0.84.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, April 17th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.12). The firm had revenue of $178.04 million during the quarter, compared to analyst estimates of $175.03 million. Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. Research analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Monday, March 31st were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.23%. The ex-dividend date was Monday, March 31st. This is a boost from Independent Bank’s previous quarterly dividend of $0.57. Independent Bank’s payout ratio is currently 52.21%.

Analysts Set New Price Targets

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

Insider Activity at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was 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 approximately $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.81% of the stock is owned by corporate insiders.

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.