Renaissance Technologies LLC Reduces Stake in Independent Bank Corp. (NASDAQ:INDB)

Renaissance Technologies LLC lessened its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 13.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 130,068 shares of the bank’s stock after selling 20,300 shares during the period. Renaissance Technologies LLC owned 0.31% of Independent Bank worth $8,349,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CIBC Asset Management Inc raised its stake in Independent Bank by 3.9% in the 4th 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 period. GHP Investment Advisors Inc. raised its position in shares of Independent Bank by 0.7% in the fourth quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank’s stock valued at $2,083,000 after purchasing an additional 236 shares during the period. Isthmus Partners LLC lifted its stake in shares of Independent Bank by 0.7% during the 4th quarter. Isthmus Partners LLC now owns 37,313 shares of the bank’s stock valued at $2,395,000 after buying an additional 245 shares in the last quarter. HighTower Advisors LLC boosted its holdings in Independent Bank by 4.1% in the 4th quarter. HighTower Advisors LLC now owns 6,823 shares of the bank’s stock worth $438,000 after buying an additional 267 shares during the period. Finally, Stablepoint Partners LLC boosted its holdings in Independent Bank by 1.6% in the 4th quarter. Stablepoint Partners LLC now owns 23,394 shares of the bank’s stock worth $1,502,000 after buying an additional 361 shares during the period. Institutional investors own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

INDB has been the topic of several recent research reports. Raymond James restated a “strong-buy” rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a research report on Tuesday, January 21st. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Tuesday, March 25th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st.

Independent Bank Stock Up 0.9 %

INDB stock opened at $55.84 on Friday. Independent Bank Corp. has a 1-year low of $45.11 and a 1-year high of $77.23. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of 12.35 and a beta of 0.84. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The company’s 50 day moving average is $62.95 and its 200 day moving average is $65.24.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, April 17th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.12). Independent Bank had a net margin of 19.58% and a return on equity of 6.57%. The company had revenue of $178.04 million for the quarter, compared to analysts’ expectations of $175.03 million. Sell-side analysts predict that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Monday, March 31st were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $2.36 annualized dividend and a yield of 4.23%. This is a positive change 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 Independent Bank news, Director Donna L. Abelli sold 640 shares of the company’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 value of $44,819.20. Following the completion of the sale, the director now owns 12,516 shares of the company’s stock, valued at $876,495.48. This represents a 4.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.81% 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.