Invesco Ltd. Has $11.38 Million Position in Independent Bank Corp. $INDB

Key Points

• Invesco Ltd. significantly reduced its stake in Independent Bank Corp. by 59.2%, selling over 263,000 shares and holding 181,645 shares by the end of the first quarter.
• Several institutional investors, including GAMMA Investing LLC and KBC Group NV, have recently increased their holdings, indicating continued interest and activity in the stock.
• Zacks Research downgraded Independent Bank from a "strong-buy" to a "hold" rating, while the stock has an average price target of $71.00 according to analyst ratings.

Invesco Ltd. decreased its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 59.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 181,645 shares of the bank's stock after selling 263,058 shares during the quarter. Invesco Ltd. owned 0.43% of Independent Bank worth $11,380,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of INDB. Wells Fargo & Company MN raised its stake in Independent Bank by 12.0% during the fourth quarter. Wells Fargo & Company MN now owns 27,745 shares of the bank's stock worth $1,781,000 after acquiring an additional 2,966 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Independent Bank by 13.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 21,362 shares of the bank's stock valued at $1,371,000 after buying an additional 2,578 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Independent Bank in the fourth quarter valued at approximately $1,646,000. Barclays PLC increased its position in Independent Bank by 0.3% during the 4th 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 period. Finally, MetLife Investment Management LLC increased its position in Independent Bank by 6.6% during the 4th quarter. MetLife Investment Management LLC now owns 25,776 shares of the bank's stock valued at $1,655,000 after purchasing an additional 1,597 shares during the period. Institutional investors and hedge funds own 83.40% of the company's stock.

Independent Bank Stock Up 0.9%

NASDAQ INDB traded up $0.63 on Wednesday, hitting $71.94. 252,551 shares of the company were exchanged, compared to its average volume of 342,223. The company has a market cap of $3.59 billion, a PE ratio of 16.24 and a beta of 0.87. Independent Bank Corp. has a 12 month low of $52.15 and a 12 month high of $77.23. The stock has a fifty day moving average of $65.60 and a 200-day moving average of $63.53. 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 issued its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.05. The business had revenue of $181.80 million for the quarter, compared to analyst estimates of $179.47 million. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. As a group, analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current year.

Independent Bank Dividend Announcement

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

Wall Street Analysts Forecast Growth

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