SG Americas Securities LLC Lowers Holdings in Independent Bank Corp. (NASDAQ:INDB)

SG Americas Securities LLC cut its stake in Independent Bank Corp. (NASDAQ:INDB) by 64.8% in the 3rd quarter, Holdings Channel reports. The fund owned 5,343 shares of the bank’s stock after selling 9,843 shares during the quarter. SG Americas Securities LLC’s holdings in Independent Bank were worth $316,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. EntryPoint Capital LLC purchased a new stake in shares of Independent Bank during the first quarter valued at approximately $47,000. Innealta Capital LLC bought a new position in shares of Independent Bank during the second quarter valued at approximately $73,000. Profund Advisors LLC bought a new stake in shares of Independent Bank during the second quarter valued at approximately $229,000. Vanguard Personalized Indexing Management LLC increased its holdings in shares of 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 in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its position in Independent Bank by 59.0% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 5,737 shares of the bank’s stock worth $291,000 after buying an additional 2,129 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. 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 cut Independent Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 17th.

Independent Bank Stock Down 5.4 %

Shares of INDB stock opened at $61.57 on Friday. 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 12 month low of $44.63 and a 12 month high of $68.75. The stock has a market cap of $2.61 billion, a P/E ratio of 11.89 and a beta of 0.74. The company has a 50 day simple moving average of $60.26 and a two-hundred day simple moving average of $54.95.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings data on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, topping the consensus estimate of $0.99 by $0.02. The firm had revenue of $250.07 million during the quarter, compared to analyst estimates of $173.24 million. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. During the same period in the prior year, the business posted $1.38 EPS. On average, research analysts expect that Independent Bank Corp. will post 4.49 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a dividend of $0.57 per share. The ex-dividend date was Monday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.70%. Independent Bank’s dividend payout ratio (DPR) is presently 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.