Relyea Zuckerberg Hanson LLC Invests $250,000 in Independent Bank Corp. (NASDAQ:INDB)

Relyea Zuckerberg Hanson LLC acquired a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,887 shares of the bank’s stock, valued at approximately $250,000.

Several other institutional investors have also bought and sold shares of INDB. ST Germain D J Co. Inc. boosted its stake in 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 valued at $142,000 after purchasing an additional 1,737 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in Independent Bank during the third quarter valued at about $222,000. Profund Advisors LLC bought a new position in Independent Bank during the second quarter valued at about $229,000. Los Angeles Capital Management LLC bought a new stake in Independent Bank in the third quarter worth about $257,000. Finally, Vanguard Personalized Indexing Management LLC raised its position in Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after acquiring an additional 1,231 shares in the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Performance

Independent Bank stock opened at $67.04 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market cap of $2.85 billion, a P/E ratio of 14.57 and a beta of 0.78. Independent Bank Corp. has a fifty-two week low of $45.11 and a fifty-two week high of $77.23. The firm’s 50 day simple moving average is $68.49 and its 200-day simple moving average is $62.88.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.05. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. As a group, equities research analysts predict that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were given a dividend of $0.57 per share. The ex-dividend date was Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a yield of 3.40%. Independent Bank’s payout ratio is presently 49.57%.

Analyst Ratings Changes

Several brokerages have recently issued reports on INDB. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Friday. Keefe, Bruyette & Woods upped their price target on Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a report on Thursday, December 12th. Finally, Raymond James raised Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a research note on Monday, October 21st. Two research analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Independent Bank presently has a consensus rating of “Buy” and an average price target of $78.00.

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.