Y Intercept Hong Kong Ltd Acquires Shares of 6,188 Independent Bank Corp. $INDB

Y Intercept Hong Kong Ltd acquired a new position in shares of Independent Bank Corp. (NASDAQ:INDB) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 6,188 shares of the bank’s stock, valued at approximately $389,000.

Several other institutional investors and hedge funds also recently made changes to their positions in INDB. Alliancebernstein L.P. increased its stake in shares of Independent Bank by 910.4% in the first quarter. Alliancebernstein L.P. now owns 1,078,311 shares of the bank’s stock worth $67,556,000 after buying an additional 971,587 shares during the last quarter. FJ Capital Management LLC acquired a new position in Independent Bank during the 1st quarter worth $32,175,000. Reinhart Partners LLC. acquired a new position in Independent Bank during the 2nd quarter worth $31,927,000. Nuveen LLC bought a new stake in shares of Independent Bank in the 1st quarter worth about $13,414,000. Finally, Rockland Trust Co. raised its stake in shares of Independent Bank by 21.1% in the 2nd quarter. Rockland Trust Co. now owns 731,272 shares of the bank’s stock valued at $43,268,000 after purchasing an additional 127,332 shares in the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Stock Up 1.6%

Independent Bank stock opened at $70.48 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.95. Independent Bank Corp. has a one year low of $52.15 and a one year high of $77.23. The company has a 50-day simple moving average of $69.37 and a 200-day simple moving average of $66.00. The firm has a market capitalization of $3.49 billion, a P/E ratio of 17.15 and a beta of 0.89.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Wednesday, February 12th. The bank reported $1.01 EPS for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. The firm had revenue of $175.25 million during the quarter. As a group, equities analysts expect that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 7th. Investors of record on Monday, September 29th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, September 29th. Independent Bank’s dividend payout ratio is 57.42%.

Wall Street Analyst Weigh In

INDB has been the subject of several research analyst reports. Zacks Research lowered Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Independent Research set a $83.00 price target on Independent Bank in a research report on Tuesday, October 21st. Wall Street Zen upgraded Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Keefe, Bruyette & Woods upgraded shares of Independent Bank from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $80.00 to $83.00 in a research note on Tuesday, October 21st. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $76.75.

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.