Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Clearbridge Investments LLC

Clearbridge Investments LLC decreased its position in Independent Bank Corp. (NASDAQ:INDB) by 0.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 303,338 shares of the bank’s stock after selling 942 shares during the period. Clearbridge Investments LLC owned about 0.71% of Independent Bank worth $19,471,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of INDB. Venturi Wealth Management LLC purchased a new position in shares of Independent Bank during the 4th quarter valued at approximately $62,000. Smartleaf Asset Management LLC lifted its holdings in Independent Bank by 105.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock valued at $68,000 after purchasing an additional 542 shares in the last quarter. KBC Group NV grew its position in shares of Independent Bank by 34.5% in the fourth quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after purchasing an additional 490 shares during the period. ST Germain D J Co. Inc. increased its stake in shares of Independent Bank by 364.9% during the fourth quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock worth $142,000 after purchasing an additional 1,737 shares in the last quarter. Finally, Relyea Zuckerberg Hanson LLC acquired a new position in shares of Independent Bank during the 4th quarter worth about $250,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Wall Street Analysts Forecast Growth

INDB has been the subject of several research reports. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Tuesday, March 25th. Keefe, Bruyette & Woods reduced their price objective on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research note on Tuesday, January 21st. Finally, Raymond James restated 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.

Independent Bank Stock Up 0.6 %

Shares of INDB opened at $62.88 on Thursday. Independent Bank Corp. has a 52-week low of $45.11 and a 52-week high of $77.23. The company has a market capitalization of $2.68 billion, a PE ratio of 13.91 and a beta of 0.77. The stock has a fifty day simple moving average of $66.11 and a two-hundred day simple moving average of $65.74. 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 issued its quarterly earnings data 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 19.58% and a return on equity of 6.57%. As a group, equities analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Monday, March 31st will be issued a $0.59 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a dividend yield of 3.75%. This is a boost from Independent Bank’s previous quarterly dividend of $0.57. Independent Bank’s payout ratio is 52.21%.

Insider Transactions at Independent Bank

In other news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total transaction of $44,819.20. Following the completion of the sale, the director now directly owns 12,516 shares of the company’s stock, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate 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.