Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in Independent Bank Corp. (NASDAQ:INDB) by 9.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,418 shares of the bank’s stock after acquiring an additional 850 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Independent Bank were worth $557,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake in Independent Bank by 5.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 28,160 shares of the bank’s stock worth $1,465,000 after purchasing an additional 1,578 shares during the last quarter. CWM LLC grew its position in Independent Bank by 2.7% in the second quarter. CWM LLC now owns 8,704 shares of the bank’s stock worth $441,000 after acquiring an additional 232 shares during the period. SG Americas Securities LLC increased its stake in Independent Bank by 186.3% during the second quarter. SG Americas Securities LLC now owns 15,186 shares of the bank’s stock worth $770,000 after acquiring an additional 9,881 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Independent Bank by 4.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 23,236 shares of the bank’s stock valued at $1,179,000 after purchasing an additional 968 shares during the period. Finally, Blue Trust Inc. acquired a new position in shares of Independent Bank in the 2nd quarter valued at $403,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $71.77 on Friday. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of 15.60 and a beta of 0.76. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. The business has a 50-day moving average of $66.28 and a 200 day moving average of $59.42. 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 data 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. The firm had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. During the same quarter in the previous year, the business posted $1.38 earnings per share. As a group, sell-side analysts forecast that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.18%. Independent Bank’s payout ratio is 49.57%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on INDB. Raymond James raised Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a research report on Monday, October 21st. StockNews.com downgraded shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Independent Bank from $65.00 to $77.00 and gave the stock a “market perform” rating in a research report on Wednesday. One 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 company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $75.50.

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.