Stablepoint Partners LLC Purchases 361 Shares of Independent Bank Corp. (NASDAQ:INDB)

Stablepoint Partners LLC grew its position in Independent Bank Corp. (NASDAQ:INDB) by 1.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,394 shares of the bank’s stock after acquiring an additional 361 shares during the period. Stablepoint Partners LLC owned about 0.06% of Independent Bank worth $1,502,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. ST Germain D J Co. Inc. boosted its position in Independent Bank by 364.9% during the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after purchasing an additional 1,737 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Independent Bank during the 3rd quarter worth about $222,000. Profund Advisors LLC acquired a new position in Independent Bank in the 2nd quarter valued at about $229,000. Relyea Zuckerberg Hanson LLC bought a new position in Independent Bank in the 4th quarter valued at about $250,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Independent Bank during the third quarter worth approximately $257,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on INDB shares. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods lowered their price objective on 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. Finally, Raymond James reissued 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. Two research analysts have rated the stock with a hold rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $79.00.

Independent Bank Trading Up 1.1 %

Shares of NASDAQ:INDB opened at $66.58 on Monday. The business’s 50 day simple moving average is $67.90 and its 200 day simple moving average is $63.72. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year 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 company has a market capitalization of $2.83 billion, a P/E ratio of 14.73 and a beta of 0.78.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. On average, research analysts anticipate that Independent Bank Corp. will post 5.42 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were given a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.42%. The ex-dividend date was Monday, December 30th. Independent Bank’s payout ratio is presently 50.44%.

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.