Independent Bank Corp. (NASDAQ:INDB) Shares Sold by GSA Capital Partners LLP

GSA Capital Partners LLP trimmed its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 71.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 15,653 shares of the bank’s stock after selling 39,467 shares during the period. GSA Capital Partners LLP’s holdings in Independent Bank were worth $926,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its stake in shares of Independent Bank by 25.2% during the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock worth $86,283,000 after acquiring an additional 342,201 shares during the last quarter. Millennium Management LLC boosted its stake in Independent Bank by 258.9% in the 2nd quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock worth $15,177,000 after purchasing an additional 215,860 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Independent Bank by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after purchasing an additional 186,680 shares during the last quarter. Great Lakes Advisors LLC acquired a new position in Independent Bank during the 2nd quarter valued at approximately $5,405,000. Finally, Rockland Trust Co. increased its stake in Independent Bank by 14.3% during the 2nd quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock valued at $37,405,000 after purchasing an additional 92,438 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a research note on Monday, October 21st. Keefe, Bruyette & Woods raised their price objective on Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. Finally, StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. One equities 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 stock. Based on data from MarketBeat.com, Independent Bank presently has an average rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Price Performance

NASDAQ:INDB opened at $72.22 on Friday. The firm’s fifty day moving average is $62.39 and its two-hundred day moving average is $57.09. The firm has a market cap of $3.07 billion, a price-to-earnings ratio of 15.70 and a beta of 0.73. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.95 and a current ratio of 0.95. Independent Bank Corp. has a one year low of $45.11 and a one year high of $75.63.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. The firm had revenue of $250.07 million for the quarter, compared to the consensus estimate of $173.24 million. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. During the same quarter in the prior year, the business earned $1.38 earnings per share. Research analysts expect that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.16%. The ex-dividend date was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is 49.57%.

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.