Independent Bank Corp. $INDB Shares Acquired by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Independent Bank Corp. by 0.8%, now owning approximately 1.29% of the company, valued at about $34.4 million.
• Independent Bank recently announced a quarterly dividend of $0.59 per share, representing an annualized yield of 3.5% with a payout ratio of 53.27%.
• Analysts forecast that Independent Bank Corp. will report earnings of 5.41 EPS for the current fiscal year, reflecting projected growth despite mixed ratings from research firms.

Charles Schwab Investment Management Inc. lifted its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 0.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 549,547 shares of the bank's stock after buying an additional 4,599 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.29% of Independent Bank worth $34,429,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of INDB. PNC Financial Services Group Inc. boosted its holdings in Independent Bank by 3.6% in the first quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank's stock valued at $414,000 after purchasing an additional 232 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock valued at $27,000 after purchasing an additional 262 shares during the last quarter. Summit Investment Advisors Inc. boosted its holdings in Independent Bank by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,441 shares of the bank's stock valued at $285,000 after purchasing an additional 282 shares during the last quarter. KBC Group NV boosted its holdings in Independent Bank by 15.3% in the first quarter. KBC Group NV now owns 2,204 shares of the bank's stock valued at $138,000 after purchasing an additional 293 shares during the last quarter. Finally, Barclays PLC boosted its holdings in Independent Bank by 0.3% in the fourth quarter. Barclays PLC now owns 95,296 shares of the bank's stock valued at $6,117,000 after purchasing an additional 320 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company's stock.

Independent Bank Stock Up 5.9%

NASDAQ INDB traded up $3.98 on Friday, hitting $70.94. 333,095 shares of the stock traded hands, compared to its average volume of 359,442. The stock has a 50-day moving average of $65.25 and a 200 day moving average of $63.52. Independent Bank Corp. has a twelve month low of $52.15 and a twelve month high of $77.23. The company has a market capitalization of $3.54 billion, a P/E ratio of 16.01 and a beta of 0.87. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25.

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

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were paid a dividend of $0.59 per share. The ex-dividend date was Monday, June 30th. This represents a $2.36 annualized dividend and a yield of 3.3%. Independent Bank's dividend payout ratio is presently 53.27%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on INDB. Zacks Research downgraded Independent Bank from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Wall Street Zen raised Independent Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. One analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $71.00.

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.