GHP Investment Advisors Inc. Acquires 236 Shares of Independent Bank Corp. (NASDAQ:INDB)

GHP Investment Advisors Inc. grew its holdings in Independent Bank Corp. (NASDAQ:INDB) by 0.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 32,458 shares of the bank’s stock after acquiring an additional 236 shares during the period. GHP Investment Advisors Inc.’s holdings in Independent Bank were worth $2,083,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. KBC Group NV lifted its holdings in Independent Bank by 34.5% during the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after purchasing an additional 490 shares during the last quarter. ST Germain D J Co. Inc. lifted its stake in shares of Independent Bank by 364.9% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after buying an additional 1,737 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Independent Bank during the 3rd quarter worth about $222,000. Relyea Zuckerberg Hanson LLC acquired a new position in Independent Bank in the 4th quarter valued at about $250,000. Finally, Los Angeles Capital Management LLC bought a new position in Independent Bank in the 3rd quarter valued at about $257,000. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $70.29 on Friday. The stock has a market capitalization of $2.99 billion, a PE ratio of 15.55 and a beta of 0.77. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The business has a fifty day moving average price of $67.06 and a two-hundred day moving average price of $64.32.

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, topping 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%. As a group, equities analysts predict that Independent Bank Corp. will post 5.42 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Monday, December 30th were paid a $0.57 dividend. The ex-dividend date was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.24%. Independent Bank’s dividend payout ratio (DPR) is 50.44%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on INDB. Keefe, Bruyette & Woods reduced their price objective on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st. StockNews.com raised Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Finally, Raymond James restated a “strong-buy” rating and issued a $78.00 price target (up from $74.00) on shares of Independent Bank in a research note on Tuesday, January 21st. Two research analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target 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.