FJ Capital Management LLC Buys Shares of 513,569 Independent Bank Corp. $INDB

Key Points

• FJ Capital Management LLC invested approximately $32.18 million in Independent Bank Corp. during the first quarter, acquiring about 513,569 shares, which represents 3.3% of their total holdings.
• Independent Bank recently declared a quarterly dividend of $0.59 per share, yielding 3.3%, with an annualized payout of $2.36.
• The bank's stock has been rated as a "Moderate Buy" by analysts, with a target price averaging $71.00, reflecting confidence in its ongoing growth potential.

FJ Capital Management LLC acquired a new position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 513,569 shares of the bank's stock, valued at approximately $32,175,000. Independent Bank comprises about 3.3% of FJ Capital Management LLC's investment portfolio, making the stock its 7th largest position. FJ Capital Management LLC owned approximately 1.21% of Independent Bank as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. HighTower Advisors LLC grew its position in Independent Bank by 3.3% during the 1st quarter. HighTower Advisors LLC now owns 7,049 shares of the bank's stock worth $442,000 after purchasing an additional 226 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Independent Bank by 3.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank's stock worth $414,000 after acquiring an additional 232 shares during the period. 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 worth $27,000 after acquiring 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 worth $138,000 after acquiring an additional 293 shares during the period. Finally, Isthmus Partners LLC lifted its stake in shares of Independent Bank by 1.8% in the 1st quarter. Isthmus Partners LLC now owns 37,994 shares of the bank's stock worth $2,380,000 after acquiring an additional 681 shares during the period. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Price Performance

Shares of NASDAQ INDB traded down $0.96 during midday trading on Friday, hitting $71.09. The company had a trading volume of 358,896 shares, compared to its average volume of 265,576. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. Independent Bank Corp. has a twelve month low of $52.15 and a twelve month high of $77.23. The business has a 50-day simple moving average of $67.07 and a two-hundred day simple moving average of $63.69. The firm has a market capitalization of $3.55 billion, a price-to-earnings ratio of 16.05 and a beta of 0.91.

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, beating the consensus estimate of $1.20 by $0.05. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The firm had revenue of $181.80 million during the quarter, compared to analysts' expectations of $179.47 million. Equities research analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have recently commented on INDB shares. Wall Street Zen upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Zacks Research cut shares of Independent Bank from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 19th. One 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, Independent Bank presently has a consensus rating of "Moderate Buy" and a consensus price target of $71.00.

About Independent Bank

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.