Angel Oak Capital Advisors LLC Invests $642,000 in Independent Bank Corp. (NASDAQ:INDB)

Angel Oak Capital Advisors LLC purchased a new stake in Independent Bank Corp. (NASDAQ:INDB) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 10,000 shares of the bank’s stock, valued at approximately $642,000. Independent Bank accounts for about 0.9% of Angel Oak Capital Advisors LLC’s investment portfolio, making the stock its 20th biggest holding.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Venturi Wealth Management LLC acquired a new position in shares of Independent Bank during the fourth quarter valued at about $62,000. CIBC Asset Management Inc boosted its stake in Independent Bank by 3.9% during the 4th quarter. CIBC Asset Management Inc now owns 4,206 shares of the bank’s stock valued at $270,000 after purchasing an additional 158 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Independent Bank by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 206,079 shares of the bank’s stock worth $13,228,000 after purchasing an additional 5,792 shares in the last quarter. Legato Capital Management LLC raised its stake in shares of Independent Bank by 5.1% in the fourth quarter. Legato Capital Management LLC now owns 20,274 shares of the bank’s stock worth $1,301,000 after purchasing an additional 992 shares during the last quarter. Finally, Polaris Capital Management LLC lifted its holdings in shares of Independent Bank by 123.5% in the fourth quarter. Polaris Capital Management LLC now owns 25,339 shares of the bank’s stock valued at $1,627,000 after purchasing an additional 14,000 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

Shares of Independent Bank stock opened at $68.53 on Tuesday. The business’s fifty day simple moving average is $66.63 and its 200 day simple moving average is $64.69. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. Independent Bank Corp. has a 12 month low of $45.11 and a 12 month high of $77.23. The firm has a market capitalization of $2.91 billion, a P/E ratio of 15.16 and a beta of 0.77.

Independent Bank (NASDAQ:INDB) last released its earnings results on Thursday, January 16th. The bank reported $1.21 EPS 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%. As a group, analysts anticipate that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 6th. Shareholders of record on Monday, December 30th were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend was Monday, December 30th. Independent Bank’s dividend payout ratio (DPR) is 50.44%.

Insiders Place Their Bets

In related news, Director Donna L. Abelli sold 640 shares of Independent Bank stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $70.03, for a total value of $44,819.20. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.87% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on INDB shares. Keefe, Bruyette & Woods lowered their price target on Independent Bank from $82.00 to $80.00 and set a “market perform” rating for the company in a research report on Tuesday, January 21st. Raymond James reiterated a “strong-buy” rating and issued a $78.00 target price (up previously from $74.00) on shares of Independent Bank in a report on Tuesday, January 21st. Finally, StockNews.com raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Two investment analysts have rated the stock with a hold rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $79.00.

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.