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

Dynamic Technology Lab Private Ltd lessened its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 58.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,020 shares of the bank’s stock after selling 11,389 shares during the period. Dynamic Technology Lab Private Ltd’s holdings in Independent Bank were worth $515,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. CIBC Asset Management Inc increased its stake in Independent Bank by 3.9% in the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank’s stock valued at $270,000 after acquiring an additional 158 shares during the last quarter. GHP Investment Advisors Inc. raised its position in Independent Bank by 0.7% in the 4th quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank’s stock worth $2,083,000 after purchasing an additional 236 shares during the period. Isthmus Partners LLC lifted its stake in Independent Bank by 0.7% in the fourth quarter. Isthmus Partners LLC now owns 37,313 shares of the bank’s stock worth $2,395,000 after purchasing an additional 245 shares during the last quarter. HighTower Advisors LLC lifted its stake in shares of Independent Bank by 4.1% in the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank’s stock valued at $438,000 after acquiring an additional 267 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Independent Bank by 0.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank’s stock valued at $4,911,000 after purchasing an additional 285 shares during the period. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Stock Down 0.5 %

INDB stock opened at $54.63 on Wednesday. The stock has a market cap of $2.33 billion, a P/E ratio of 12.09 and a beta of 0.84. Independent Bank Corp. has a twelve month low of $45.11 and a twelve month high of $77.23. The business’s 50-day moving average price is $64.97 and its 200-day moving average price is $65.52. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates 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, equities research analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 4.32%. The ex-dividend date was Monday, March 31st. This is an increase from Independent Bank’s previous quarterly dividend of $0.57. Independent Bank’s dividend payout ratio is 52.21%.

Insider Activity

In other Independent Bank news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the transaction, the director now owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.87% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Tuesday, March 25th. Raymond James reissued a “strong-buy” rating and issued a $78.00 target price (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods dropped 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 report on Tuesday, January 21st.

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.