Assenagon Asset Management S.A. Acquires Shares of 52,627 Independent Bank Corp. (NASDAQ:INDB)

Assenagon Asset Management S.A. bought a new position in Independent Bank Corp. (NASDAQ:INDB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 52,627 shares of the bank's stock, valued at approximately $3,463,000. Assenagon Asset Management S.A. owned approximately 0.12% of Independent Bank at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Nuance Investments LLC boosted its stake in shares of Independent Bank by 80.6% during the third quarter. Nuance Investments LLC now owns 1,661,215 shares of the bank's stock valued at $81,549,000 after purchasing an additional 741,609 shares during the period. Morgan Stanley raised its holdings in Independent Bank by 251.3% in the fourth quarter. Morgan Stanley now owns 961,843 shares of the bank's stock worth $81,208,000 after purchasing an additional 688,062 shares in the last quarter. Norges Bank bought a new position in Independent Bank in the fourth quarter worth $39,144,000. Clearbridge Investments LLC bought a new position in Independent Bank in the third quarter worth $14,825,000. Finally, State Street Corp raised its holdings in Independent Bank by 10.9% in the first quarter. State Street Corp now owns 2,216,687 shares of the bank's stock worth $146,654,000 after purchasing an additional 218,237 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company's stock.

Insider Buying and Selling

In related news, Director Donna L. Abelli sold 800 shares of Independent Bank stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $52.83, for a total value of $42,264.00. Following the completion of the sale, the director now directly owns 11,640 shares in the company, valued at approximately $614,941.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.87% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

INDB has been the subject of a number of research reports. TheStreet downgraded Independent Bank from a "b-" rating to a "c+" rating in a report on Wednesday, March 13th. Keefe, Bruyette & Woods decreased their price objective on Independent Bank from $66.00 to $64.00 and set a "market perform" rating for the company in a report on Monday, January 22nd.

Independent Bank Stock Down 1.5 %

Shares of NASDAQ:INDB traded down $0.78 on Tuesday, hitting $50.02. 241,830 shares of the company traded hands, compared to its average volume of 288,804. Independent Bank Corp. has a 52 week low of $43.28 and a 52 week high of $68.75. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.42. The stock has a 50 day simple moving average of $52.80 and a 200-day simple moving average of $54.90. The company has a market cap of $2.12 billion, a PE ratio of 9.23 and a beta of 0.83.

Independent Bank (NASDAQ:INDB - Get Free Report) last issued its quarterly earnings results on Thursday, January 18th. The bank reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.01. Independent Bank had a return on equity of 8.35% and a net margin of 26.02%. The firm had revenue of $177.16 million during the quarter, compared to the consensus estimate of $176.75 million. As a group, research analysts expect that Independent Bank Corp. will post 4.58 earnings per share for the current year.

Independent Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 5th. Investors of record on Monday, April 1st will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 4.56%. This is an increase from Independent Bank's previous quarterly dividend of $0.55. The ex-dividend date is Thursday, March 28th. Independent Bank's dividend payout ratio (DPR) is presently 42.07%.

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.