Brown Brothers Harriman & Co. Makes New $776,000 Investment in Independent Bank Corp. (NASDAQ:INDB)

Brown Brothers Harriman & Co. acquired a new stake in Independent Bank Corp. (NASDAQ:INDB) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 15,300 shares of the bank’s stock, valued at approximately $776,000.

Several other institutional investors also recently modified their holdings of INDB. Vanguard Group Inc. grew its holdings in Independent Bank by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 5,272,986 shares of the bank’s stock worth $347,015,000 after purchasing an additional 69,312 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Independent Bank by 10.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,753,697 shares of the bank’s stock worth $115,415,000 after acquiring an additional 164,254 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Independent Bank by 25.2% during the 2nd quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after purchasing an additional 342,201 shares during the last quarter. Rockland Trust Co. boosted its position in Independent Bank by 14.3% during the second quarter. Rockland Trust Co. now owns 737,477 shares of the bank’s stock worth $37,405,000 after purchasing an additional 92,438 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of Independent Bank by 5.3% in the fourth 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 during the period. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently commented on INDB. Seaport Res Ptn raised shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday.

Independent Bank Trading Up 1.1 %

INDB stock opened at $62.12 on Wednesday. Independent Bank Corp. has a 52 week low of $44.63 and a 52 week high of $68.75. The company has a market capitalization of $2.64 billion, a PE ratio of 11.99 and a beta of 0.75. The company’s 50-day simple moving average is $59.85 and its 200 day simple moving average is $53.54. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.95.

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

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 8th. Stockholders of record on Monday, July 1st were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend was Monday, July 1st. Independent Bank’s dividend payout ratio (DPR) 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.