Independent Bank Corp. $INDB Position Raised by Empowered Funds LLC

Empowered Funds LLC increased its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 125,727 shares of the bank’s stock after purchasing an additional 2,519 shares during the period. Empowered Funds LLC’s holdings in Independent Bank were worth $7,877,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. HighTower Advisors LLC raised its holdings in Independent Bank by 3.3% during the first quarter. HighTower Advisors LLC now owns 7,049 shares of the bank’s stock worth $442,000 after purchasing an additional 226 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Independent Bank by 3.6% during the first quarter. PNC Financial Services Group Inc. now owns 6,616 shares of the bank’s stock worth $414,000 after purchasing an additional 232 shares in the last quarter. GAMMA Investing LLC raised its holdings in Independent Bank by 156.9% during the first quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock worth $27,000 after purchasing an additional 262 shares in the last quarter. KBC Group NV raised its holdings in Independent Bank by 15.3% during 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 in the last quarter. Finally, Isthmus Partners LLC raised its holdings in Independent Bank by 1.8% during the first quarter. Isthmus Partners LLC now owns 37,994 shares of the bank’s stock worth $2,380,000 after purchasing an additional 681 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

NASDAQ INDB opened at $69.31 on Thursday. The stock has a market capitalization of $3.46 billion, a P/E ratio of 15.65 and a beta of 0.91. Independent Bank Corp. has a 1 year low of $52.15 and a 1 year high of $77.23. The business’s fifty day moving average is $67.39 and its two-hundred day moving average is $63.71. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.96.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, July 17th. The bank reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.05. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The firm had revenue of $181.80 million for the quarter, compared to analysts’ expectations of $179.47 million. On average, research analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 7th. Shareholders of record on Monday, June 30th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.4%. The ex-dividend date was Monday, June 30th. Independent Bank’s payout ratio is presently 53.27%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Zacks Research cut Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Wall Street Zen raised Independent Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.00.

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.