Russell Investments Group Ltd. Purchases 37,902 Shares of Independent Bank Corp. $INDB

Russell Investments Group Ltd. lifted its holdings in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 23.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 200,108 shares of the bank's stock after acquiring an additional 37,902 shares during the period. Russell Investments Group Ltd. owned approximately 0.47% of Independent Bank worth $12,537,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. GAMMA Investing LLC lifted its position in Independent Bank by 156.9% during the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after purchasing an additional 262 shares during the period. Sterling Capital Management LLC raised its holdings in Independent Bank by 810.2% in the 4th quarter. Sterling Capital Management LLC now owns 1,338 shares of the bank's stock valued at $86,000 after buying an additional 1,191 shares during the last quarter. KBC Group NV raised its holdings in 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 buying an additional 293 shares during the last quarter. Xponance Inc. bought a new position in Independent Bank in the 1st quarter valued at approximately $203,000. Finally, Stifel Financial Corp acquired a new stake in Independent Bank during the 4th quarter valued at approximately $266,000. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Price Performance

Shares of NASDAQ INDB traded up $3.41 during midday trading on Friday, hitting $70.37. 89,196 shares of the company's stock were exchanged, compared to its average volume of 342,280. The business's fifty day moving average price is $65.10 and its two-hundred day moving average price is $63.53. The company has a market cap of $3.51 billion, a price-to-earnings ratio of 15.92 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 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 released its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.05. The company had revenue of $181.80 million during the quarter, compared to the consensus estimate 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 forecast that Independent Bank Corp. will post 5.41 EPS for the current fiscal year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were given a $0.59 dividend. The ex-dividend date was Monday, June 30th. This represents a $2.36 annualized dividend and a yield of 3.4%. Independent Bank's payout ratio is presently 53.27%.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Zacks Research downgraded shares of Independent Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Wall Street Zen upgraded 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 assigned a Hold rating to the company. According to MarketBeat, Independent Bank presently has an average rating of "Moderate Buy" and a consensus 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.