Cresset Asset Management LLC Takes Position in Independent Bank Corp. $INDB

Key Points

• Cresset Asset Management LLC has invested approximately $743,000 in Independent Bank Corp. (NASDAQ:INDB), acquiring 11,742 shares during the first quarter.
• Independent Bank's stock recently opened at $70.94, with a market cap of $3.54 billion and a price-to-earnings ratio of 16.01.
• The company declared a quarterly dividend of $0.59 per share, resulting in a 3.3% dividend yield, with a payout ratio of 53.27%.

Cresset Asset Management LLC bought a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 11,742 shares of the bank's stock, valued at approximately $743,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of Independent Bank by 156.9% in the 1st 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 period. KBC Group NV lifted its stake in shares of Independent Bank by 15.3% in the 1st 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 period. Xponance Inc. acquired a new position in shares of Independent Bank in the 1st quarter valued at about $203,000. Stifel Financial Corp acquired a new position in shares of Independent Bank in the 4th quarter valued at about $266,000. Finally, Persistent Asset Partners Ltd acquired a new position in shares of Independent Bank in the 1st quarter valued at about $337,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on INDB shares. Wall Street Zen raised Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Zacks Research lowered Independent Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $71.00.

Independent Bank Stock Up 0.5%

INDB traded up $0.35 during midday trading on Wednesday, reaching $71.66. 147,834 shares of the company were exchanged, compared to its average volume of 341,480. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. The company's fifty day moving average price is $65.60 and its 200 day moving average price is $63.53. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 16.19 and a beta of 0.87. Independent Bank Corp. has a one year low of $52.15 and a one year high of $77.23.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued 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, analysts expect that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 7th. Stockholders of record on Monday, June 30th were issued a $0.59 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $2.36 annualized dividend and a dividend yield of 3.3%. Independent Bank's dividend payout ratio is currently 53.27%.

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.