Fisher Asset Management LLC Buys 69,753 Shares of Independent Bank Corp. (NASDAQ:INDB)

Fisher Asset Management LLC grew its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 58.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 188,385 shares of the bank’s stock after acquiring an additional 69,753 shares during the period. Fisher Asset Management LLC’s holdings in Independent Bank were worth $12,092,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. CIBC Asset Management Inc raised its stake in shares of Independent Bank by 3.9% during the fourth quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank’s stock valued at $270,000 after acquiring an additional 158 shares in the last quarter. GHP Investment Advisors Inc. lifted its holdings in Independent Bank by 0.7% during the fourth quarter. GHP Investment Advisors Inc. now owns 32,458 shares of the bank’s stock worth $2,083,000 after buying an additional 236 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Independent Bank by 0.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank’s stock worth $4,911,000 after buying an additional 285 shares during the period. Stablepoint Partners LLC lifted its holdings in Independent Bank by 1.6% during the fourth quarter. Stablepoint Partners LLC now owns 23,394 shares of the bank’s stock worth $1,502,000 after buying an additional 361 shares during the period. Finally, HighTower Advisors LLC lifted its holdings in Independent Bank by 6.8% during the third quarter. HighTower Advisors LLC now owns 6,556 shares of the bank’s stock worth $383,000 after buying an additional 415 shares during the period. Institutional investors own 83.40% of the company’s stock.

Insider Activity

In other news, Director Donna L. Abelli sold 640 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $70.03, for a total transaction of $44,819.20. Following the sale, the director now directly owns 12,516 shares in the company, valued at $876,495.48. This trade represents a 4.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.87% of the company’s stock.

Independent Bank Stock Performance

Shares of INDB opened at $68.03 on Tuesday. The stock has a fifty day moving average price of $66.57 and a 200-day moving average price of $65.42. The firm has a market cap of $2.89 billion, a PE ratio of 15.05 and a beta of 0.77. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its quarterly earnings results on Thursday, January 16th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.05. Independent Bank had a return on equity of 6.57% and a net margin of 19.58%. Equities research analysts predict that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Monday, December 30th. Independent Bank’s dividend payout ratio is currently 50.44%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Raymond James restated a “strong-buy” rating and set a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. StockNews.com upgraded Independent Bank from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods lowered their target price on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a report on Tuesday, January 21st. Two analysts have rated the stock with a hold rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Independent Bank currently has an average rating of “Buy” and an average target price of $79.00.

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.