Private Trust Co. NA Boosts Stock Holdings in Independent Bank Corp. $INDB

Private Trust Co. NA grew its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 296.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 619 shares of the bank’s stock after purchasing an additional 463 shares during the quarter. Private Trust Co. NA’s holdings in Independent Bank were worth $39,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of Independent Bank by 156.9% during the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock valued at $27,000 after purchasing an additional 262 shares in the last quarter. LRI Investments LLC purchased a new position in shares of Independent Bank during the 2nd quarter valued at approximately $59,000. Quarry LP increased its holdings in shares of Independent Bank by 1,328.6% during the 1st quarter. Quarry LP now owns 1,300 shares of the bank’s stock valued at $81,000 after purchasing an additional 1,209 shares in the last quarter. KBC Group NV increased its holdings in Independent Bank by 15.3% in the 1st quarter. KBC Group NV now owns 2,204 shares of the bank’s stock worth $138,000 after acquiring an additional 293 shares in the last quarter. Finally, ST Germain D J Co. Inc. increased its holdings in Independent Bank by 358.4% in the 2nd quarter. ST Germain D J Co. Inc. now owns 2,223 shares of the bank’s stock worth $140,000 after acquiring an additional 1,738 shares in the last quarter. 83.40% of the stock is owned by hedge funds and other institutional investors.

Independent Bank Trading Up 1.6%

Shares of INDB opened at $69.20 on Friday. Independent Bank Corp. has a 52-week low of $52.15 and a 52-week high of $77.23. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.22. The firm’s fifty day moving average is $69.61 and its two-hundred day moving average is $65.05. The stock has a market cap of $3.45 billion, a PE ratio of 16.84 and a beta of 0.85.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Wednesday, February 12th. The bank reported $1.01 earnings per share (EPS) for the quarter. Independent Bank had a net margin of 16.64% and a return on equity of 7.19%. The company had revenue of $175.25 million for the quarter. Research analysts forecast that Independent Bank Corp. will post 5.41 earnings per share for the current fiscal year.

Independent Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Monday, September 29th. Independent Bank’s payout ratio is 57.42%.

Analyst Ratings Changes

Several brokerages recently commented on INDB. Zacks Research lowered shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. Keefe, Bruyette & Woods raised shares of Independent Bank from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $80.00 to $83.00 in a report on Tuesday. Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Finally, Independent Research set a $83.00 price target on shares of Independent Bank in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Independent Bank has an average rating of “Moderate Buy” and an average target price of $76.75.

Independent Bank Profile

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.