Strs Ohio Purchases New Stake in Independent Bank Corp. $INDB

Key Points

• Strs Ohio has invested approximately $802,000 in Independent Bank Corp. by acquiring 12,800 shares during the first quarter.
• Independent Bank recently declared a quarterly dividend of $0.59 per share, with a yield of 3.3%, to be paid on October 7th.
• The bank's stock has received mixed ratings from analysts, with one analyst rating it as a Strong Buy and three giving it a Hold rating, resulting in a consensus price target of $71.00.

Strs Ohio purchased a new position in Independent Bank Corp. (NASDAQ:INDB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 12,800 shares of the bank's stock, valued at approximately $802,000.

A number of other institutional investors also recently bought and sold shares of INDB. GAMMA Investing LLC lifted its position in Independent Bank by 156.9% in the first quarter. GAMMA Investing LLC now owns 429 shares of the bank's stock worth $27,000 after buying an additional 262 shares during the last quarter. Quarry LP increased its stake in Independent Bank by 1,328.6% in the first quarter. Quarry LP now owns 1,300 shares of the bank's stock worth $81,000 after purchasing an additional 1,209 shares during the period. KBC Group NV increased its stake in Independent Bank by 15.3% in the first quarter. KBC Group NV now owns 2,204 shares of the bank's stock worth $138,000 after purchasing an additional 293 shares during the period. Xponance Inc. purchased a new stake in Independent Bank in the first quarter worth $203,000. Finally, Landscape Capital Management L.L.C. purchased a new stake in Independent Bank in the first quarter worth $217,000. 83.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on INDB shares. Wall Street Zen upgraded Independent Bank from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Zacks Research lowered Independent Bank from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Independent Bank presently has a consensus rating of "Moderate Buy" and an average price target of $71.00.

Independent Bank Price Performance

Shares of INDB stock traded up $1.02 during trading hours on Tuesday, hitting $71.17. 10,208 shares of the company's stock were exchanged, compared to its average volume of 339,438. 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 fifty-two week low of $52.15 and a fifty-two week high of $77.23. The firm has a market cap of $3.55 billion, a P/E ratio of 16.10 and a beta of 0.91. The firm has a 50 day moving average of $68.07 and a two-hundred day moving average of $63.92.

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, beating the consensus estimate of $1.20 by $0.05. Independent Bank had a return on equity of 6.39% and a net margin of 18.93%.The company had revenue of $181.80 million during the quarter, compared to analysts' expectations of $179.47 million. Sell-side analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, September 29th. Independent Bank's dividend payout ratio (DPR) is 53.27%.

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.