Nuance Investments LLC Trims Stock Position in Independent Bank Corp. (NASDAQ:INDB)

Nuance Investments LLC trimmed its holdings in Independent Bank Corp. (NASDAQ:INDB) by 5.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 102,499 shares of the bank’s stock after selling 6,322 shares during the quarter. Nuance Investments LLC owned 0.24% of Independent Bank worth $6,579,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Venturi Wealth Management LLC purchased a new stake in shares of Independent Bank in the fourth quarter worth about $62,000. Smartleaf Asset Management LLC grew its stake in shares of Independent Bank by 105.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,056 shares of the bank’s stock worth $68,000 after purchasing an additional 542 shares during the period. KBC Group NV increased its holdings in shares of Independent Bank by 34.5% during the 4th quarter. KBC Group NV now owns 1,911 shares of the bank’s stock valued at $123,000 after purchasing an additional 490 shares in the last quarter. ST Germain D J Co. Inc. lifted its stake in shares of Independent Bank by 364.9% in the 4th quarter. ST Germain D J Co. Inc. now owns 2,213 shares of the bank’s stock valued at $142,000 after purchasing an additional 1,737 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Independent Bank in the 3rd quarter valued at $222,000. 83.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on INDB. StockNews.com upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Tuesday. Keefe, Bruyette & Woods reduced their price target 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. Finally, Raymond James reissued a “strong-buy” rating and issued a $78.00 price objective (up from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st.

Insider Activity

In related news, Director Donna L. Abelli sold 640 shares of the business’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the sale, the director now directly owns 12,516 shares in the company, valued at approximately $876,495.48. The trade was a 4.86 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.87% of the company’s stock.

Independent Bank Stock Up 0.0 %

INDB stock opened at $65.18 on Wednesday. The firm has a 50-day simple moving average of $66.45 and a 200-day simple moving average of $65.62. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The stock has a market capitalization of $2.78 billion, a P/E ratio of 14.42 and a beta of 0.77. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23.

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

Independent Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Monday, March 31st will be given a $0.59 dividend. The ex-dividend date is Monday, March 31st. This represents a $2.36 dividend on an annualized basis and a yield of 3.62%. This is an increase from Independent Bank’s previous quarterly dividend of $0.57. Independent Bank’s payout ratio is currently 50.44%.

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.