Rockland Trust Co. increased its stake in shares of Independent Bank Corp (NASDAQ:INDB) by 20.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 698,441 shares of the bank’s stock after purchasing an additional 118,308 shares during the quarter. Independent Bank makes up approximately 4.5% of Rockland Trust Co.’s portfolio, making the stock its largest position. Rockland Trust Co.’s holdings in Independent Bank were worth $49,660,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Toronto Dominion Bank acquired a new stake in Independent Bank in the second quarter valued at approximately $27,000. Doyle Wealth Management acquired a new stake in Independent Bank in the second quarter valued at approximately $29,000. Meeder Asset Management Inc. acquired a new stake in Independent Bank in the second quarter valued at approximately $38,000. Point72 Asset Management L.P. acquired a new stake in Independent Bank in the second quarter valued at approximately $38,000. Finally, Steward Partners Investment Advisory LLC acquired a new stake in Independent Bank in the second quarter valued at approximately $80,000. Institutional investors and hedge funds own 78.28% of the company’s stock.
In other news, Director William M. Parent sold 7,500 shares of Independent Bank stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $75.00, for a total value of $562,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.60% of the company’s stock.
A number of analysts have issued reports on the stock. ValuEngine upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. BidaskClub upgraded shares of Independent Bank from a “strong sell” rating to a “sell” rating in a research note on Saturday, September 14th. Zacks Investment Research upgraded shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Saturday, October 5th. DA Davidson reiterated a “neutral” rating on shares of Independent Bank in a research note on Monday, July 22nd. Finally, Compass Point upgraded shares of Independent Bank from a “neutral” rating to a “buy” rating and lifted their target price for the company from $77.00 to $83.00 in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Independent Bank currently has a consensus rating of “Hold” and an average price target of $84.33.
Shares of NASDAQ:INDB traded up $2.20 during trading on Friday, reaching $73.58. The stock had a trading volume of 674 shares, compared to its average volume of 134,467. Independent Bank Corp has a 52 week low of $64.68 and a 52 week high of $87.64. The firm has a market capitalization of $2.45 billion, a price-to-earnings ratio of 15.74 and a beta of 1.20. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $71.31 and a two-hundred day simple moving average of $75.16.
Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, July 18th. The bank reported $1.42 EPS for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.09. Independent Bank had a net margin of 26.75% and a return on equity of 12.99%. The company had revenue of $134.67 million for the quarter, compared to analyst estimates of $129.20 million. On average, analysts forecast that Independent Bank Corp will post 5.45 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend is Friday, September 27th. Independent Bank’s dividend payout ratio is 37.53%.
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 primarily in Massachusetts. Its products and services include demand deposits and time certificates of deposit, as well as checking, money market, and savings accounts.
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