Independent Bank Corp. (NASDAQ:INDB) Shares Acquired by Assenagon Asset Management S.A.

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Assenagon Asset Management S.A. increased its position in Independent Bank Corp. (NASDAQ:INDBGet Rating) by 5.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,869 shares of the bank’s stock after acquiring an additional 617 shares during the period. Assenagon Asset Management S.A.’s holdings in Independent Bank were worth $970,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of INDB. Parallel Advisors LLC acquired a new stake in shares of Independent Bank in the 4th quarter worth about $28,000. Baystate Wealth Management LLC increased its holdings in shares of Independent Bank by 83.9% in the 4th quarter. Baystate Wealth Management LLC now owns 2,696 shares of the bank’s stock worth $220,000 after acquiring an additional 1,230 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of Independent Bank in the 4th quarter worth about $620,000. Strs Ohio acquired a new position in Independent Bank during the 4th quarter valued at about $211,000. Finally, New York State Teachers Retirement System increased its stake in Independent Bank by 12.1% during the 4th quarter. New York State Teachers Retirement System now owns 38,485 shares of the bank’s stock valued at $3,138,000 after buying an additional 4,162 shares during the period. Institutional investors and hedge funds own 83.42% of the company’s stock.

Insider Activity

In other news, Director Eileen C. Miskell sold 1,123 shares of the firm’s stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $81.04, for a total transaction of $91,007.92. Following the completion of the transaction, the director now owns 13,435 shares in the company, valued at approximately $1,088,772.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Independent Bank news, CEO Christopher Oddleifson sold 3,000 shares of the firm’s stock in a transaction dated Thursday, June 9th. The shares were sold at an average price of $80.86, for a total value of $242,580.00. Following the completion of the transaction, the chief executive officer now directly owns 99,917 shares in the company, valued at $8,079,288.62. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Eileen C. Miskell sold 1,123 shares of the firm’s stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $81.04, for a total transaction of $91,007.92. Following the completion of the transaction, the director now owns 13,435 shares of the company’s stock, valued at $1,088,772.40. The disclosure for this sale can be found here. Insiders own 1.02% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com assumed coverage on shares of Independent Bank in a research note on Thursday, March 31st. They set a “hold” rating on the stock.

Independent Bank Stock Up 2.5 %

Independent Bank stock opened at $79.24 on Friday. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 22.58 and a beta of 0.84. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.05. The company’s 50-day moving average price is $80.08 and its two-hundred day moving average price is $81.85. Independent Bank Corp. has a 52 week low of $68.14 and a 52 week high of $93.52.

Independent Bank (NASDAQ:INDBGet Rating) last released its earnings results on Thursday, April 21st. The bank reported $1.23 EPS for the quarter, meeting the consensus estimate of $1.23. Independent Bank had a net margin of 23.51% and a return on equity of 8.61%. The firm had revenue of $163.70 million for the quarter, compared to analysts’ expectations of $164.30 million. During the same quarter last year, the company earned $1.26 EPS. On average, analysts expect that Independent Bank Corp. will post 5.08 EPS for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 8th. Stockholders of record on Monday, June 27th were given a dividend of $0.51 per share. The ex-dividend date of this dividend was Friday, June 24th. This represents a $2.04 annualized dividend and a dividend yield of 2.57%. Independent Bank’s dividend payout ratio (DPR) is 58.12%.

Independent Bank Profile

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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 primarily in Massachusetts. The company accepts interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit.

Further Reading

Want to see what other hedge funds are holding INDB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Independent Bank Corp. (NASDAQ:INDBGet Rating).

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