Nuance Investments LLC Has $3.53 Million Holdings in Independent Bank Corp. $INDB

Nuance Investments LLC trimmed its position in shares of Independent Bank Corp. (NASDAQ:INDB) by 13.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 56,138 shares of the bank’s stock after selling 8,662 shares during the quarter. Nuance Investments LLC’s holdings in Independent Bank were worth $3,530,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Independent Bank in the 2nd quarter worth approximately $361,000. Bank of New York Mellon Corp raised its position 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 purchasing an additional 3,204 shares during the last quarter. GHP Investment Advisors Inc. boosted its stake in Independent Bank by 1.8% in the second quarter. GHP Investment Advisors Inc. now owns 34,273 shares of the bank’s stock worth $2,155,000 after purchasing an additional 595 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Independent Bank during the second quarter worth $389,000. Finally, Bessemer Group Inc. increased its stake in shares of Independent Bank by 95.1% in the second quarter. Bessemer Group Inc. now owns 638 shares of the bank’s stock valued at $40,000 after buying an additional 311 shares in the last quarter. Institutional investors own 83.40% of the company’s stock.

Wall Street Analyst Weigh In

INDB has been the topic of several research reports. Keefe, Bruyette & Woods upgraded shares of Independent Bank from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $80.00 to $83.00 in a research report on Tuesday, October 21st. Wall Street Zen raised shares of Independent Bank from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Weiss Ratings reissued a “hold (c+)” rating on shares of Independent Bank in a research note on Wednesday, October 8th. Zacks Research lowered shares of Independent Bank from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 19th. Finally, Independent Research set a $83.00 price objective on shares of Independent Bank in a research report on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Independent Bank presently has a consensus rating of “Moderate Buy” and an average target price of $76.75.

Independent Bank Trading Up 1.6%

Shares of NASDAQ INDB opened at $70.48 on Friday. Independent Bank Corp. has a fifty-two week low of $52.15 and a fifty-two week high of $77.23. The firm has a market capitalization of $3.49 billion, a P/E ratio of 17.15 and a beta of 0.89. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.94. The company’s 50 day simple moving average is $69.37 and its 200 day simple moving average is $66.07.

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

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Monday, September 29th were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, September 29th. This represents a $2.36 annualized dividend and a yield of 3.3%. Independent Bank’s dividend payout ratio is presently 57.42%.

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.