Nuance Investments LLC Sells 343,588 Shares of Independent Bank Corp. (NASDAQ:INDB)

Nuance Investments LLC cut its holdings in Independent Bank Corp. (NASDAQ:INDB) by 75.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 108,821 shares of the bank’s stock after selling 343,588 shares during the quarter. Nuance Investments LLC’s holdings in Independent Bank were worth $6,435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. EntryPoint Capital LLC bought a new stake in Independent Bank in the 1st quarter worth approximately $47,000. Innealta Capital LLC bought a new position in shares of Independent Bank in the 2nd quarter valued at about $73,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Independent Bank during the 3rd quarter valued at $222,000. Profund Advisors LLC purchased a new position in Independent Bank during the 2nd quarter valued at $229,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Independent Bank during the third quarter worth $257,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Analyst Ratings Changes

INDB has been the topic of several research reports. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Raymond James upgraded Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 target price on the stock in a research report on Monday, October 21st. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $69.50.

Independent Bank Trading Down 1.2 %

INDB stock opened at $70.79 on Wednesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The business’s 50-day moving average is $62.87 and its 200 day moving average is $57.47. The stock has a market cap of $3.01 billion, a price-to-earnings ratio of 15.39 and a beta of 0.73. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $75.63.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a net margin of 20.26% and a return on equity of 6.74%. The business had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same period in the prior year, the business earned $1.38 earnings per share. On average, sell-side analysts anticipate that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 30th were issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.22%. The ex-dividend date was Monday, September 30th. Independent Bank’s payout ratio is currently 49.57%.

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.