Hennessy Advisors Inc. Has $2.52 Million Stake in Independent Bank Corp. $INDB

Hennessy Advisors Inc. cut its stake in Independent Bank Corp. (NASDAQ:INDB) by 27.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 40,000 shares of the bank’s stock after selling 15,000 shares during the period. Hennessy Advisors Inc. owned approximately 0.09% of Independent Bank worth $2,515,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vest Financial LLC bought a new stake in shares of Independent Bank in the first quarter valued at about $795,000. GAMMA Investing LLC lifted its stake in Independent Bank by 156.9% in the 1st quarter. GAMMA Investing LLC now owns 429 shares of the bank’s stock valued at $27,000 after acquiring an additional 262 shares in the last quarter. SG Americas Securities LLC boosted its position in Independent Bank by 215.0% during the 1st quarter. SG Americas Securities LLC now owns 5,739 shares of the bank’s stock worth $360,000 after acquiring an additional 3,917 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Independent Bank by 9.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,359 shares of the bank’s stock worth $1,589,000 after acquiring an additional 2,092 shares in the last quarter. Finally, GHP Investment Advisors Inc. raised its holdings in shares of Independent Bank by 3.8% in the first quarter. GHP Investment Advisors Inc. now owns 33,678 shares of the bank’s stock valued at $2,110,000 after purchasing an additional 1,220 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Stock Performance

Shares of NASDAQ INDB opened at $69.45 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of 15.68 and a beta of 0.85. The stock’s fifty day moving average price is $68.59 and its two-hundred day moving average price is $64.36. Independent Bank Corp. has a one year low of $52.15 and a one year high of $77.23.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 17th. The bank reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.05. Independent Bank had a net margin of 18.93% and a return on equity of 6.39%. The company had revenue of $181.80 million during the quarter, compared to analysts’ expectations of $179.47 million. On average, equities analysts forecast that Independent Bank Corp. will post 5.41 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 7th. Stockholders of record on Monday, September 29th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.36 annualized dividend and a dividend yield of 3.4%. Independent Bank’s dividend payout ratio (DPR) is currently 53.27%.

Wall Street Analyst Weigh In

Several brokerages recently commented on INDB. Weiss Ratings restated a “hold (c+)” rating on shares of Independent Bank in a report on Saturday, September 27th. Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Finally, Zacks Research cut Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $71.00.

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.