Independent Bank Corp. (NASDAQ:INDB) Shares Sold by GW&K Investment Management LLC

GW&K Investment Management LLC cut its stake in shares of Independent Bank Corp. (NASDAQ:INDB - Free Report) by 6.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 395,493 shares of the bank's stock after selling 28,781 shares during the period. GW&K Investment Management LLC owned about 0.90% of Independent Bank worth $26,027,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in INDB. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Independent Bank by 28.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,969 shares of the bank's stock valued at $440,000 after acquiring an additional 1,988 shares in the last quarter. Teacher Retirement System of Texas lifted its position in shares of Independent Bank by 19.7% in the third quarter. Teacher Retirement System of Texas now owns 14,430 shares of the bank's stock valued at $708,000 after acquiring an additional 2,377 shares in the last quarter. Orion Portfolio Solutions LLC lifted its position in shares of Independent Bank by 34.2% in the third quarter. Orion Portfolio Solutions LLC now owns 8,853 shares of the bank's stock valued at $435,000 after acquiring an additional 2,254 shares in the last quarter. M&T Bank Corp purchased a new position in shares of Independent Bank in the third quarter valued at about $237,000. Finally, California Public Employees Retirement System lifted its position in shares of Independent Bank by 8.1% in the third quarter. California Public Employees Retirement System now owns 61,648 shares of the bank's stock valued at $3,026,000 after acquiring an additional 4,607 shares in the last quarter. 83.40% of the stock is currently owned by hedge funds and other institutional investors.

Independent Bank Trading Up 1.6 %

NASDAQ INDB traded up $0.87 during trading hours on Wednesday, hitting $54.06. 469,107 shares of the company were exchanged, compared to its average volume of 280,878. The stock has a market cap of $2.30 billion, a PE ratio of 10.44 and a beta of 0.84. The stock has a 50-day moving average price of $50.83 and a 200 day moving average price of $55.46. 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 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.36.

Independent Bank (NASDAQ:INDB - Get Free Report) last released its earnings results on Thursday, April 18th. The bank reported $1.12 EPS for the quarter, missing analysts' consensus estimates of $1.15 by ($0.03). The business had revenue of $167.38 million for the quarter, compared to the consensus estimate of $171.80 million. Independent Bank had a net margin of 23.97% and a return on equity of 7.85%. Analysts forecast that Independent Bank Corp. will post 4.46 earnings per share 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 dividend of $0.57 per share. This is a boost from Independent Bank's previous quarterly dividend of $0.55. The ex-dividend date was Thursday, March 28th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.22%. Independent Bank's dividend payout ratio is currently 44.02%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. TheStreet cut Independent Bank from a "b-" rating to a "c+" rating in a report on Wednesday, March 13th. Keefe, Bruyette & Woods reduced their target price on Independent Bank from $64.00 to $60.00 and set a "market perform" rating on the stock in a report on Monday, April 22nd.

Insider Activity

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

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.