Independent Bank Corp. (NASDAQ:INDB) Shares Purchased by Stablepoint Partners LLC

Stablepoint Partners LLC raised its holdings in Independent Bank Corp. (NASDAQ:INDB) by 7.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 22,750 shares of the bank’s stock after acquiring an additional 1,537 shares during the period. Stablepoint Partners LLC owned approximately 0.05% of Independent Bank worth $1,154,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Commonwealth Equity Services LLC raised its holdings in shares of Independent Bank by 9.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 55,715 shares of the bank’s stock worth $2,826,000 after acquiring an additional 4,938 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in Independent Bank by 25.0% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 255,288 shares of the bank’s stock worth $12,203,000 after purchasing an additional 51,126 shares during the period. Innealta Capital LLC acquired a new position in Independent Bank in the 2nd quarter valued at about $73,000. Aries Wealth Management grew its stake in shares of Independent Bank by 1.5% in the 2nd quarter. Aries Wealth Management now owns 16,122 shares of the bank’s stock valued at $818,000 after buying an additional 232 shares during the period. Finally, Louisiana State Employees Retirement System grew its stake in shares of Independent Bank by 0.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock valued at $1,085,000 after buying an additional 200 shares during the period. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research report on Sunday, September 1st. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd.

Independent Bank Price Performance

Independent Bank stock opened at $60.99 on Friday. 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 market capitalization of $2.59 billion, a price-to-earnings ratio of 11.81 and a beta of 0.77. The company’s 50 day simple moving average is $57.80 and its 200-day simple moving average is $53.03. Independent Bank Corp. has a 1 year low of $44.63 and a 1 year high of $68.75.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The company had revenue of $244.19 million for the quarter, compared to analyst estimates of $169.07 million. During the same quarter in the previous year, the company earned $1.42 earnings per share. As a group, equities research analysts expect that Independent Bank Corp. will post 4.75 earnings per share for the current year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Monday, July 1st were given a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 3.74%. The ex-dividend date was Monday, July 1st. Independent Bank’s dividend payout ratio is currently 44.02%.

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.