PharVision Advisers LLC Makes New Investment in Independent Bank Corp. $INDB

Key Points

• PharVision Advisers LLC has acquired 4,084 shares of Independent Bank Corp. during the 1st quarter, valued at around $256,000, as per the recent Form 13F filing.
• Institutional investors now hold 83.40% of Independent Bank's stock, with significant increases from firms like AllianceBernstein L.P. and FJ Capital Management LLC boosting their stakes substantially.
• Independent Bank reported earnings of $1.25 per share for the last quarter, surpassing analysts' expectations, and declared a quarterly dividend of $0.59 per share.

PharVision Advisers LLC acquired a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,084 shares of the bank's stock, valued at approximately $256,000.

Several other hedge funds have also recently bought and sold shares of INDB. Alliancebernstein L.P. raised its stake in Independent Bank by 910.4% during the first quarter. Alliancebernstein L.P. now owns 1,078,311 shares of the bank's stock worth $67,556,000 after acquiring an additional 971,587 shares in the last quarter. FJ Capital Management LLC acquired a new position in Independent Bank during the first quarter worth $32,175,000. Nuveen LLC acquired a new stake in shares of Independent Bank in the first quarter valued at $13,414,000. Leeward Investments LLC MA increased its stake in shares of Independent Bank by 68.6% in the first quarter. Leeward Investments LLC MA now owns 293,736 shares of the bank's stock valued at $18,403,000 after buying an additional 119,471 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Independent Bank by 2.3% in the first quarter. Vanguard Group Inc. now owns 5,134,903 shares of the bank's stock valued at $321,702,000 after buying an additional 116,820 shares in the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Trading Down 0.1%

INDB stock traded down $0.08 during midday trading on Friday, reaching $70.02. The stock had a trading volume of 57,991 shares, compared to its average volume of 334,760. The business has a fifty day simple moving average of $67.45 and a two-hundred day simple moving average of $63.73. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 15.80 and a beta of 0.91. Independent Bank Corp. has a twelve month low of $52.15 and a twelve month high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.05. The firm had revenue of $181.80 million during the quarter, compared to analyst estimates of $179.47 million. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%. As a group, research analysts expect that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were issued a dividend of $0.59 per share. The ex-dividend date was Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a yield of 3.4%. Independent Bank's dividend payout ratio (DPR) is 53.27%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on INDB shares. Zacks Research lowered Independent Bank from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 19th. Wall Street Zen upgraded Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $71.00.

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.