Independent Bank Corp. $INDB Shares Purchased by Sei Investments Co.

Key Points

• Sei Investments Co. increased its position in Independent Bank Corp. (NASDAQ:INDB) by 6.7% during Q1, holding approximately 67,099 shares valued at $4.27 million.
• Several hedge funds, including Deprince Race & Zollo Inc. and Vanguard Group Inc., have significantly increased their stakes in Independent Bank Corp., reflecting higher institutional interest with 83.40% of the company's stock held by institutional investors.
• Independent Bank recently reported quarterly earnings of $1.25 per share, exceeding expectations, and announced a quarterly dividend of $0.59 per share, resulting in an annualized yield of 3.5%.

Sei Investments Co. increased its holdings in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 6.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 67,099 shares of the bank's stock after purchasing an additional 4,196 shares during the quarter. Sei Investments Co. owned approximately 0.16% of Independent Bank worth $4,275,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Independent Bank by 2.3% during the first quarter. Vanguard Group Inc. now owns 5,134,903 shares of the bank's stock worth $321,702,000 after purchasing an additional 116,820 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Independent Bank by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,318,650 shares of the bank's stock valued at $148,835,000 after buying an additional 36,335 shares during the last quarter. Deprince Race & Zollo Inc. raised its stake in Independent Bank by 687.2% during the 4th quarter. Deprince Race & Zollo Inc. now owns 948,244 shares of the bank's stock worth $60,868,000 after acquiring an additional 827,793 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Independent Bank by 0.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 549,547 shares of the bank's stock valued at $34,429,000 after acquiring an additional 4,599 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Independent Bank by 9.3% in the fourth quarter. Invesco Ltd. now owns 444,703 shares of the bank's stock valued at $28,545,000 after acquiring an additional 37,941 shares during the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Stock Performance

NASDAQ:INDB traded up $0.53 during trading hours on Wednesday, reaching $67.24. 265,884 shares of the company's stock were exchanged, compared to its average volume of 364,562. Independent Bank Corp. has a 1-year low of $52.15 and a 1-year high of $77.23. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 15.18 and a beta of 0.87. The company has a 50-day moving average of $65.06 and a 200 day moving average of $63.53.

Independent Bank (NASDAQ:INDB - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.05. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The company had revenue of $181.80 million for the quarter, compared to analyst estimates of $179.47 million. Research analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Dividend Announcement

The business 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. This represents a $2.36 annualized dividend and a yield of 3.5%. The ex-dividend date was Monday, June 30th. Independent Bank's payout ratio is 53.27%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Independent Bank from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price 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.