Martingale Asset Management L P Takes $660,000 Position in Independent Bank Corp. (NASDAQ:INDB)

Martingale Asset Management L P purchased a new position in Independent Bank Corp. (NASDAQ:INDB) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,159 shares of the bank’s stock, valued at approximately $660,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in INDB. Innealta Capital LLC bought a new position in Independent Bank in the 2nd quarter worth about $73,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Independent Bank during the third quarter worth about $222,000. Los Angeles Capital Management LLC bought a new position in shares of Independent Bank in the third quarter worth approximately $257,000. Profund Advisors LLC purchased a new stake in Independent Bank in the second quarter valued at approximately $229,000. Finally, Vanguard Personalized Indexing Management LLC lifted its position in Independent Bank by 29.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after purchasing an additional 1,231 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

INDB has been the topic of a number of research analyst reports. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Keefe, Bruyette & Woods increased their target price on Independent Bank from $62.00 to $65.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Finally, Raymond James raised Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target for the company in a research note on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Trading Up 0.4 %

Shares of INDB opened at $72.67 on Tuesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The firm has a 50 day moving average price of $65.25 and a 200-day moving average price of $58.94. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 15.80 and a beta of 0.73.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. The business had revenue of $250.07 million during the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same period in the prior year, the business posted $1.38 earnings per share. As a group, equities research analysts forecast that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were paid a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.14%. Independent Bank’s dividend payout ratio (DPR) is currently 49.57%.

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.