SG Americas Securities LLC Acquires 2,592 Shares of Independent Bank Corp. $INDB

SG Americas Securities LLC grew its holdings in Independent Bank Corp. (NASDAQ:INDB) by 45.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,331 shares of the bank’s stock after purchasing an additional 2,592 shares during the period. SG Americas Securities LLC’s holdings in Independent Bank were worth $524,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in INDB. Private Trust Co. NA increased its stake in Independent Bank by 296.8% in the 2nd quarter. Private Trust Co. NA now owns 619 shares of the bank’s stock valued at $39,000 after buying an additional 463 shares during the last quarter. Bessemer Group Inc. grew its holdings in shares of 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. LRI Investments LLC acquired a new stake in shares of Independent Bank in the second quarter valued at about $59,000. Quarry LP raised its holdings in Independent Bank by 1,328.6% during the first quarter. Quarry LP now owns 1,300 shares of the bank’s stock worth $81,000 after acquiring an additional 1,209 shares in the last quarter. Finally, ST Germain D J Co. Inc. raised its holdings in Independent Bank by 358.4% during the second 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. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Price Performance

NASDAQ:INDB opened at $72.82 on Thursday. The firm’s fifty day moving average price is $69.03 and its two-hundred day moving average price is $66.91. 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 has a market cap of $3.61 billion, a P/E ratio of 17.72 and a beta of 0.89. Independent Bank Corp. has a one year low of $52.15 and a one year high of $75.14.

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

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Stockholders of record on Monday, September 29th were given a $0.59 dividend. The ex-dividend date of this dividend was Monday, September 29th. This represents a $2.36 annualized dividend and a dividend yield of 3.2%. Independent Bank’s dividend payout ratio is presently 57.42%.

Insider Buying and Selling

In other Independent Bank news, Director Ken S. Ansin sold 144,000 shares of the stock in a transaction on Monday, November 10th. The stock was sold at an average price of $69.94, for a total transaction of $10,071,360.00. Following the transaction, the director owned 288,481 shares in the company, valued at $20,176,361.14. This trade represents a 33.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gerard F. Nadeau sold 3,000 shares of Independent Bank stock in a transaction on Friday, November 21st. The stock was sold at an average price of $70.00, for a total value of $210,000.00. Following the sale, the director directly owned 22,395 shares of the company’s stock, valued at $1,567,650. This represents a 11.81% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 200,000 shares of company stock worth $13,941,540. 0.81% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

Independent Bank Company 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.