Independent Bank Corp. (NASDAQ:INDB) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC lowered its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 15.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 130,308 shares of the bank’s stock after selling 24,344 shares during the period. ProShare Advisors LLC’s holdings in Independent Bank were worth $6,609,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Profund Advisors LLC purchased a new position in Independent Bank in the 2nd quarter valued at about $229,000. Sei Investments Co. lifted its stake in shares of Independent Bank by 129.6% during the second quarter. Sei Investments Co. now owns 53,763 shares of the bank’s stock valued at $2,727,000 after buying an additional 30,351 shares during the period. Intech Investment Management LLC purchased a new position in shares of Independent Bank during the second quarter valued at approximately $830,000. Vanguard Personalized Indexing Management LLC grew its stake in Independent Bank by 29.7% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after acquiring an additional 1,231 shares during the period. Finally, Edgestream Partners L.P. raised its holdings in Independent Bank by 77.9% in the 2nd quarter. Edgestream Partners L.P. now owns 93,895 shares of the bank’s stock valued at $4,762,000 after acquiring an additional 41,111 shares during the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Stock Performance

NASDAQ:INDB opened at $58.86 on Thursday. The company has a market cap of $2.50 billion, a P/E ratio of 11.36 and a beta of 0.75. The firm’s 50 day moving average is $60.66 and its two-hundred day moving average is $53.92. Independent Bank Corp. has a fifty-two week low of $44.63 and a fifty-two week high of $68.75. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB) last issued its earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.10. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The business had revenue of $244.19 million for the quarter, compared to analyst estimates of $169.07 million. During the same period last year, the company posted $1.42 EPS. Analysts expect that Independent Bank Corp. will post 4.68 EPS for the current year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date is Monday, September 30th. Independent Bank’s payout ratio is currently 44.02%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a 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 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.