Dimensional Fund Advisors LP Buys 164,254 Shares of Independent Bank Corp. (NASDAQ:INDB)

Dimensional Fund Advisors LP raised its stake in Independent Bank Corp. (NASDAQ:INDB - Free Report) by 10.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,753,697 shares of the bank's stock after acquiring an additional 164,254 shares during the period. Dimensional Fund Advisors LP owned 4.00% of Independent Bank worth $115,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of INDB. Victory Capital Management Inc. raised its holdings in Independent Bank by 1.3% during the third quarter. Victory Capital Management Inc. now owns 1,907,345 shares of the bank's stock worth $93,632,000 after purchasing an additional 25,094 shares in the last quarter. Nuance Investments LLC increased its holdings in Independent Bank by 80.6% in the third quarter. Nuance Investments LLC now owns 1,661,215 shares of the bank's stock valued at $81,549,000 after buying an additional 741,609 shares in the last quarter. Northern Trust Corp increased its holdings in Independent Bank by 0.5% in the third quarter. Northern Trust Corp now owns 677,367 shares of the bank's stock valued at $33,252,000 after buying an additional 3,359 shares in the last quarter. Boston Trust Walden Corp increased its holdings in Independent Bank by 22.1% in the fourth quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank's stock valued at $34,097,000 after buying an additional 93,901 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Independent Bank by 5.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 465,220 shares of the bank's stock worth $30,616,000 after acquiring an additional 25,460 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company's stock.

Independent Bank Trading Up 0.5 %

Shares of INDB traded up $0.27 during mid-day trading on Tuesday, reaching $53.19. The company had a trading volume of 216,227 shares, compared to its average volume of 278,888. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 10.27 and a beta of 0.84. The firm has a fifty day simple moving average of $50.78 and a 200-day simple moving average of $55.46. Independent Bank Corp. has a fifty-two week low of $43.28 and a fifty-two week high of $68.75. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36.

Independent Bank (NASDAQ:INDB - Get Free Report) last announced its quarterly earnings results on Thursday, April 18th. The bank reported $1.12 earnings per share for the quarter, missing analysts' consensus estimates of $1.15 by ($0.03). Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. The company had revenue of $167.38 million during the quarter, compared to analyst estimates of $171.80 million. On average, sell-side analysts anticipate that Independent Bank Corp. will post 4.46 EPS for the current fiscal year.

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Monday, April 1st were paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date was Thursday, March 28th. This is an increase from Independent Bank's previous quarterly dividend of $0.55. Independent Bank's dividend payout ratio (DPR) is currently 44.02%.

Insider Activity

In other news, Director Donna L. Abelli sold 800 shares of the firm's stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $52.83, for a total value of $42,264.00. Following the transaction, the director now owns 11,640 shares of the company's stock, valued at approximately $614,941.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.97% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. TheStreet lowered shares of Independent Bank from a "b-" rating to a "c+" rating in a research report on Wednesday, March 13th. Keefe, Bruyette & Woods decreased their target price on shares of Independent Bank from $64.00 to $60.00 and set a "market perform" rating on the stock in a research report on Monday, April 22nd.

Independent Bank 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.