Y Intercept Hong Kong Ltd Has $1.11 Million Holdings in Independent Bank Corp. (NASDAQ:INDB)

Y Intercept Hong Kong Ltd decreased its stake in Independent Bank Corp. (NASDAQ:INDB) by 23.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,269 shares of the bank’s stock after selling 5,189 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Independent Bank were worth $1,108,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in shares of Independent Bank by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,017,400 shares of the bank’s stock valued at $60,170,000 after acquiring an additional 8,987 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Independent Bank by 4.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 523,659 shares of the bank’s stock valued at $30,964,000 after purchasing an additional 22,919 shares during the period. JPMorgan Chase & Co. increased its stake in Independent Bank by 59.8% in the third quarter. JPMorgan Chase & Co. now owns 338,640 shares of the bank’s stock valued at $20,024,000 after purchasing an additional 126,791 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of Independent Bank by 11.1% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 283,661 shares of the bank’s stock worth $16,773,000 after purchasing an additional 28,373 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Independent Bank by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank’s stock valued at $13,228,000 after buying an additional 5,792 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analysts Set New Price Targets

INDB has been the topic of several research analyst reports. Keefe, Bruyette & Woods reduced their target price on Independent Bank from $82.00 to $80.00 and set a “market perform” rating on the stock in a 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 from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $79.00.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $68.41 on Thursday. The company has a fifty day moving average price of $66.38 and a 200 day moving average price of $65.13. The firm has a market cap of $2.91 billion, a PE ratio of 15.13 and a beta of 0.77. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Research analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

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

Insider Transactions at Independent Bank

In related 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 transaction, the director now owns 12,516 shares of the company’s stock, 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 Securities & Exchange Commission, which is accessible through this hyperlink. 0.87% of the stock is currently owned by insiders.

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.