Stablepoint Partners LLC Raises Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Stablepoint Partners LLC raised its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 1.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,033 shares of the bank’s stock after purchasing an additional 283 shares during the quarter. Stablepoint Partners LLC’s holdings in Independent Bank were worth $1,362,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Independent Bank by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock valued at $347,015,000 after purchasing an additional 69,312 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Independent Bank by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock valued at $109,443,000 after acquiring an additional 186,680 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Independent Bank by 25.2% during the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock worth $86,283,000 after acquiring an additional 342,201 shares in the last quarter. Rockland Trust Co. lifted its holdings in shares of Independent Bank by 14.3% in the 2nd quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock worth $37,405,000 after acquiring an additional 92,438 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Independent Bank by 5.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 509,236 shares of the bank’s stock valued at $33,513,000 after purchasing an additional 25,664 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th.

Independent Bank Trading Down 0.6 %

NASDAQ:INDB traded down $0.37 during midday trading on Monday, reaching $59.98. 11,154 shares of the stock traded hands, compared to its average volume of 275,722. The stock has a market capitalization of $2.55 billion, a P/E ratio of 11.65 and a beta of 0.74. Independent Bank Corp. has a 12 month low of $44.63 and a 12 month high of $68.75. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95. The company has a fifty day moving average of $59.77 and a 200 day moving average of $54.55.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.10. Independent Bank had a net margin of 22.42% and a return on equity of 7.41%. The company had revenue of $244.19 million during the quarter, compared to analyst estimates of $169.07 million. During the same period in the prior year, the business posted $1.42 earnings per share. On average, research analysts predict that Independent Bank Corp. will post 4.49 EPS for the current year.

Independent Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were paid a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.80%. Independent Bank’s dividend payout ratio (DPR) is presently 44.02%.

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.