Intech Investment Management LLC Has $3.16 Million Stake in Independent Bank Corp. $INDB

Key Points

• Intech Investment Management LLC increased its stake in Independent Bank Corp. by 24.2% to approximately $3.16 million, owning 50,354 shares.
• Independent Bank reported an earnings per share (EPS) of $1.25 for the last quarter, exceeding analyst estimates of $1.20, with revenues of $181.80 million.
• The bank recently declared a quarterly dividend of $0.59 per share, representing an annualized yield of 3.3%.

Intech Investment Management LLC boosted its position in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 24.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,354 shares of the bank's stock after buying an additional 9,823 shares during the period. Intech Investment Management LLC owned approximately 0.12% of Independent Bank worth $3,155,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Independent Bank by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 5,134,903 shares of the bank's stock worth $321,702,000 after buying an additional 116,820 shares during the period. Dimensional Fund Advisors LP lifted its position in Independent Bank by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,339,253 shares of the bank's stock valued at $146,554,000 after acquiring an additional 20,603 shares in the last quarter. Alliancebernstein L.P. lifted its position in Independent Bank by 910.4% in the 1st quarter. Alliancebernstein L.P. now owns 1,078,311 shares of the bank's stock valued at $67,556,000 after acquiring an additional 971,587 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Independent Bank by 2.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 599,898 shares of the bank's stock valued at $37,584,000 after buying an additional 11,714 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Independent Bank by 0.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 549,547 shares of the bank's stock worth $34,429,000 after purchasing an additional 4,599 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Independent Bank Price Performance

Shares of INDB opened at $71.28 on Friday. The stock has a market cap of $3.56 billion, a PE ratio of 16.09 and a beta of 0.91. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23. The firm's 50-day simple moving average is $67.54 and its two-hundred day simple moving average is $63.72.

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 firm had revenue of $181.80 million for the quarter, compared to the consensus estimate of $179.47 million. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. Analysts anticipate that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal 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 given a dividend of $0.59 per share. The ex-dividend date was Monday, June 30th. This represents a $2.36 dividend on an annualized basis and a yield of 3.3%. Independent Bank's dividend payout ratio is 53.27%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Zacks Research lowered shares of Independent Bank from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 19th. Wall Street Zen upgraded shares of Independent Bank from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.

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