Centiva Capital LP Makes New Investment in Independent Bank Corp. (NASDAQ:INDB)

Centiva Capital LP acquired a new position in Independent Bank Corp. (NASDAQ:INDB) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 9,040 shares of the bank’s stock, valued at approximately $535,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Innealta Capital LLC acquired a new stake in Independent Bank during the second quarter worth about $73,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Independent Bank in the third quarter valued at about $222,000. Los Angeles Capital Management LLC acquired a new position in shares of Independent Bank in the 3rd quarter worth approximately $257,000. Profund Advisors LLC bought a new stake in shares of Independent Bank during the second quarter worth $229,000. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in Independent Bank by 29.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after acquiring an additional 1,231 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

NASDAQ INDB opened at $71.77 on Friday. The company has a market capitalization of $3.05 billion, a PE ratio of 15.60 and a beta of 0.76. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $77.23. The firm’s 50 day moving average is $66.28 and its 200-day moving average is $59.42. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The firm had revenue of $250.07 million during the quarter, compared to the consensus estimate of $173.24 million. During the same period last year, the company earned $1.38 earnings per share. Equities research analysts anticipate that Independent Bank Corp. will post 4.5 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective on the stock in a research report on Monday, October 21st. Keefe, Bruyette & Woods increased their target price on shares of Independent Bank from $65.00 to $77.00 and gave the stock a “market perform” rating in a report on Wednesday. Finally, StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Independent Bank currently has an average rating of “Moderate Buy” and a consensus target price of $75.50.

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.