Dynamic Technology Lab Private Ltd Acquires New Position in Independent Bank Corp. (NASDAQ:INDB)

Dynamic Technology Lab Private Ltd bought a new position in Independent Bank Corp. (NASDAQ:INDB) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 19,409 shares of the bank’s stock, valued at approximately $1,148,000.

A number of other institutional investors have also made changes to their positions in the company. Louisiana State Employees Retirement System boosted its holdings in Independent Bank by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock worth $1,085,000 after purchasing an additional 200 shares during the period. Aries Wealth Management grew its position in shares of Independent Bank by 1.5% during the 2nd quarter. Aries Wealth Management now owns 16,122 shares of the bank’s stock valued at $818,000 after buying an additional 232 shares during the last quarter. CWM LLC raised its stake in Independent Bank by 2.7% during the second quarter. CWM LLC now owns 8,704 shares of the bank’s stock worth $441,000 after acquiring an additional 232 shares during the period. Stablepoint Partners LLC lifted its holdings in Independent Bank by 1.2% in the third quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock worth $1,362,000 after acquiring an additional 283 shares during the last quarter. Finally, Tidal Investments LLC boosted its stake in Independent Bank by 6.1% in the first quarter. Tidal Investments LLC now owns 9,184 shares of the bank’s stock valued at $480,000 after acquiring an additional 532 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Independent Bank Stock Down 2.1 %

Shares of Independent Bank stock opened at $73.36 on Wednesday. The company has a debt-to-equity ratio of 0.22, 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. The business’s fifty day moving average price is $64.35 and its two-hundred day moving average price is $58.37. The company has a market capitalization of $3.12 billion, a P/E ratio of 15.95 and a beta of 0.73.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. The business had revenue of $250.07 million for the quarter, compared to analysts’ expectations 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 previous year, the business earned $1.38 earnings per share. As a group, research analysts forecast that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio is currently 49.57%.

Independent Bank 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.