Prio Wealth Limited Partnership Has $3.43 Million Stock Holdings in Independent Bank Corp. (NASDAQ:INDB)

Prio Wealth Limited Partnership lessened its stake in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 67,700 shares of the bank’s stock after selling 1,800 shares during the period. Prio Wealth Limited Partnership owned 0.16% of Independent Bank worth $3,434,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in INDB. EntryPoint Capital LLC acquired a new position in Independent Bank during the first quarter valued at approximately $47,000. Innealta Capital LLC acquired a new position in Independent Bank during the second quarter valued at approximately $73,000. Profund Advisors LLC acquired a new position in Independent Bank during the second quarter valued at approximately $229,000. Vanguard Personalized Indexing Management LLC grew its holdings in Independent Bank by 29.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock valued at $273,000 after purchasing an additional 1,231 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in Independent Bank by 102.6% during the first quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock valued at $276,000 after purchasing an additional 2,687 shares during the last quarter. Institutional investors and hedge funds own 83.40% of the company’s stock.

Independent Bank Trading Down 3.1 %

Shares of Independent Bank stock opened at $57.27 on Wednesday. The company’s fifty day simple moving average is $60.66 and its 200-day simple moving average is $54.12. The company has a market cap of $2.43 billion, a price-to-earnings ratio of 11.06 and a beta of 0.75. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. Independent Bank Corp. has a 1 year low of $44.63 and a 1 year high of $68.75.

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

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Shareholders 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 dividend on an annualized basis and a yield of 3.98%. Independent Bank’s dividend payout ratio is currently 44.02%.

Wall Street Analysts Forecast Growth

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

Independent Bank 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.