Everence Capital Management Inc. Makes New $305,000 Investment in Independent Bank Corp. (NASDAQ:INDB)

Everence Capital Management Inc. bought a new position in Independent Bank Corp. (NASDAQ:INDB) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 4,640 shares of the bank’s stock, valued at approximately $305,000.

Other hedge funds have also added to or reduced their stakes in the company. State of Wyoming lifted its holdings in shares of Independent Bank by 44.4% during the fourth quarter. State of Wyoming now owns 543 shares of the bank’s stock valued at $46,000 after purchasing an additional 167 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Independent Bank by 30.4% during the third quarter. Tower Research Capital LLC TRC now owns 1,262 shares of the bank’s stock valued at $62,000 after purchasing an additional 294 shares in the last quarter. FMR LLC lifted its holdings in shares of Independent Bank by 7.9% during the second quarter. FMR LLC now owns 1,854 shares of the bank’s stock valued at $147,000 after purchasing an additional 135 shares in the last quarter. Point72 Hong Kong Ltd bought a new position in shares of Independent Bank during the second quarter valued at $166,000. Finally, Point72 Asset Management L.P. bought a new position in shares of Independent Bank during the second quarter valued at $98,000. 83.40% of the stock is owned by institutional investors.

Independent Bank Stock Up 1.9 %

Independent Bank stock opened at $49.45 on Friday. The stock has a market cap of $2.10 billion, a PE ratio of 9.12 and a beta of 0.83. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.97 and a current ratio of 0.97. Independent Bank Corp. has a one year low of $43.28 and a one year high of $68.75. The stock has a fifty day moving average of $51.03 and a 200 day moving average of $54.85.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, January 18th. The bank reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The company had revenue of $177.16 million during the quarter, compared to analysts’ expectations of $176.75 million. Independent Bank had a return on equity of 8.35% and a net margin of 26.02%. As a group, sell-side analysts predict that Independent Bank Corp. will post 4.58 EPS for the current year.

Independent Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Monday, April 1st were given a $0.57 dividend. This is a boost from Independent Bank’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.28 dividend on an annualized basis and a yield of 4.61%. Independent Bank’s dividend payout ratio is presently 42.07%.

Analyst Ratings Changes

A number of analysts recently commented on INDB shares. Keefe, Bruyette & Woods reduced their price objective on Independent Bank from $66.00 to $64.00 and set a “market perform” rating for the company in a research report on Monday, January 22nd. TheStreet cut Independent Bank from a “b-” rating to a “c+” rating in a research report on Wednesday, March 13th.

Insiders Place Their Bets

In other Independent Bank news, Director Donna L. Abelli sold 800 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $52.83, for a total value of $42,264.00. Following the completion of the sale, the director now owns 11,640 shares in the company, valued at $614,941.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.87% of the company’s stock.

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.