Independent Bank Corp. (NASDAQ:INDB) Shares Acquired by Point72 Asia Singapore Pte. Ltd.

Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 59.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,737 shares of the bank’s stock after purchasing an additional 2,129 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Independent Bank were worth $291,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in INDB. EntryPoint Capital LLC acquired a new position in shares of Independent Bank during the first quarter valued at $47,000. Innealta Capital LLC acquired a new position in Independent Bank during the 2nd quarter valued at about $73,000. Profund Advisors LLC acquired a new position in Independent Bank during the 2nd quarter valued at about $229,000. Vanguard Personalized Indexing Management LLC grew its position 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 purchasing an additional 1,231 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in Independent Bank by 102.6% in the 1st quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock worth $276,000 after purchasing an additional 2,687 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Up 0.4 %

INDB stock opened at $59.08 on Friday. The firm’s 50-day moving average is $60.71 and its two-hundred day moving average is $53.96. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $2.51 billion, a price-to-earnings ratio of 11.41 and a beta of 0.75. Independent Bank Corp. has a 52 week low of $44.63 and a 52 week high of $68.75.

Independent Bank (NASDAQ:INDB) last announced its earnings results on Thursday, July 18th. The bank reported $1.21 EPS for the quarter, topping the consensus estimate of $1.11 by $0.10. The firm had revenue of $244.19 million for the quarter, compared to analysts’ expectations of $169.07 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same quarter in the previous year, the company earned $1.42 earnings per share. On average, analysts forecast that Independent Bank Corp. will post 4.68 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 30th will be paid a dividend of $0.57 per share. The ex-dividend date is Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.86%. Independent Bank’s dividend payout ratio is currently 44.02%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on INDB shares. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 22nd.

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.