Angel Oak Capital Advisors LLC Acquires Shares of 10,000 Independent Bank Corp. (NASDAQ:INDB)

Angel Oak Capital Advisors LLC bought a new position in shares of Independent Bank Corp. (NASDAQ:INDB) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 10,000 shares of the bank’s stock, valued at approximately $642,000. Independent Bank makes up about 0.9% of Angel Oak Capital Advisors LLC’s investment portfolio, making the stock its 20th biggest position.

A number of other hedge funds also recently modified their holdings of INDB. Venturi Wealth Management LLC bought a new position in Independent Bank in the 4th quarter valued at about $62,000. KBC Group NV lifted its stake in Independent Bank by 34.5% during the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock worth $123,000 after purchasing an additional 490 shares during the last quarter. ST Germain D J Co. Inc. increased its stake in shares of Independent Bank by 364.9% in 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 during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Independent Bank during the 3rd quarter worth $222,000. Finally, Relyea Zuckerberg Hanson LLC bought a new stake in shares of Independent Bank during the 4th quarter worth $250,000. Institutional investors own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods cut their target price on shares of 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. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Finally, Raymond James reiterated a “strong-buy” rating and issued a $78.00 price objective (up previously from $74.00) on shares of Independent Bank in a 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 company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $79.00.

Independent Bank Price Performance

Independent Bank stock opened at $68.53 on Tuesday. The stock’s 50 day moving average is $66.63 and its 200 day moving average is $64.69. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23. The firm has a market cap of $2.91 billion, a P/E ratio of 15.16 and a beta of 0.77. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 EPS for the quarter, beating analysts’ consensus estimates 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, research analysts expect that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Stockholders of record on Monday, December 30th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.33%. The ex-dividend date was Monday, December 30th. Independent Bank’s dividend payout ratio (DPR) is 50.44%.

Insider Activity

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the sale, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. This trade represents a 4.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.87% of the stock is currently owned by company insiders.

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.