Moors & Cabot Inc. Has $2.24 Million Stock Holdings in Independent Bank Corp. $INDB

Moors & Cabot Inc. cut its stake in Independent Bank Corp. (NASDAQ:INDB) by 2.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,539 shares of the bank’s stock after selling 878 shares during the period. Moors & Cabot Inc. owned approximately 0.08% of Independent Bank worth $2,235,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its holdings in Independent Bank by 0.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 411,441 shares of the bank’s stock valued at $25,873,000 after acquiring an additional 3,204 shares in the last quarter. GHP Investment Advisors Inc. raised its holdings in Independent Bank by 1.8% in the 2nd quarter. GHP Investment Advisors Inc. now owns 34,273 shares of the bank’s stock valued at $2,155,000 after acquiring an additional 595 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Independent Bank in the 2nd quarter valued at $389,000. Bessemer Group Inc. raised its holdings in Independent Bank by 95.1% in the 2nd quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after acquiring an additional 311 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in Independent Bank by 38.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 30,984 shares of the bank’s stock valued at $1,948,000 after acquiring an additional 8,681 shares in the last quarter. 83.40% of the stock is owned by institutional investors and hedge funds.

Independent Bank Price Performance

Independent Bank stock opened at $69.74 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 0.95. Independent Bank Corp. has a 52 week low of $52.15 and a 52 week high of $77.23. The stock has a market capitalization of $3.48 billion, a P/E ratio of 16.97 and a beta of 0.89. The stock has a fifty day moving average of $69.43 and a 200-day moving average of $65.87.

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

Independent Bank Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts have weighed in on INDB shares. Zacks Research cut Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Wall Street Zen raised Independent Bank from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Independent Research set a $83.00 price target on Independent Bank in a report on Tuesday, October 21st. Keefe, Bruyette & Woods raised 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, October 21st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $76.75.

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.