Illinois Municipal Retirement Fund Purchases 443 Shares of Independent Bank Corp. (NASDAQ:INDB)

Illinois Municipal Retirement Fund lifted its position in Independent Bank Corp. (NASDAQ:INDB) by 1.8% during the 1st quarter, Holdings Channel reports. The firm owned 25,325 shares of the bank’s stock after buying an additional 443 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Independent Bank were worth $1,317,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of INDB. Norges Bank bought a new position in Independent Bank in the 4th quarter worth approximately $32,784,000. Hsbc Holdings PLC boosted its stake in shares of Independent Bank by 902.8% during the 4th quarter. Hsbc Holdings PLC now owns 268,315 shares of the bank’s stock worth $17,730,000 after buying an additional 241,558 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Independent Bank by 10.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock worth $115,415,000 after buying an additional 164,254 shares during the last quarter. Boston Trust Walden Corp boosted its stake in shares of Independent Bank by 22.1% during the 4th quarter. Boston Trust Walden Corp now owns 518,119 shares of the bank’s stock worth $34,097,000 after buying an additional 93,901 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Independent Bank by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock worth $347,015,000 after buying an additional 69,312 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods dropped 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 report on Monday, April 22nd. StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Friday.

Independent Bank Price Performance

Shares of NASDAQ:INDB opened at $52.27 on Monday. The firm has a market cap of $2.22 billion, a PE ratio of 10.09 and a beta of 0.77. The firm’s fifty day moving average is $49.80 and its 200-day moving average is $52.71. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.96. Independent Bank Corp. has a 52 week low of $44.63 and a 52 week high of $68.75.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, April 18th. The bank reported $1.12 earnings per share for the quarter, missing the consensus estimate 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 the consensus estimate of $171.80 million. Sell-side analysts predict that Independent Bank Corp. will post 4.46 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Monday, July 1st were paid a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 4.36%. The ex-dividend date of this dividend was Monday, July 1st. Independent Bank’s dividend payout ratio (DPR) is currently 44.02%.

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.