State Street Corp Has $136.58 Million Holdings in Independent Bank Corp. (NASDAQ:INDB)

State Street Corp trimmed its holdings in Independent Bank Corp. (NASDAQ:INDB) by 3.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,287,911 shares of the bank’s stock after selling 75,508 shares during the period. State Street Corp owned about 0.05% of Independent Bank worth $136,578,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Louisiana State Employees Retirement System increased its holdings in shares of Independent Bank by 0.9% in the second quarter. Louisiana State Employees Retirement System now owns 21,400 shares of the bank’s stock valued at $1,085,000 after purchasing an additional 200 shares during the last quarter. Aries Wealth Management raised its holdings in Independent Bank by 1.5% in the 2nd quarter. Aries Wealth Management now owns 16,122 shares of the bank’s stock valued at $818,000 after acquiring an additional 232 shares during the period. Stablepoint Partners LLC lifted its position in Independent Bank by 1.2% during the third quarter. Stablepoint Partners LLC now owns 23,033 shares of the bank’s stock worth $1,362,000 after acquiring an additional 283 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Independent Bank by 0.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 83,048 shares of the bank’s stock worth $4,911,000 after acquiring an additional 285 shares during the period. Finally, HighTower Advisors LLC grew its position in shares of Independent Bank by 6.8% in the third quarter. HighTower Advisors LLC now owns 6,556 shares of the bank’s stock valued at $383,000 after purchasing an additional 415 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on INDB. Keefe, Bruyette & Woods lifted their price target on Independent Bank from $77.00 to $82.00 and gave the stock a “market perform” rating in a report on Thursday. StockNews.com downgraded Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Finally, Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price target on the stock in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Independent Bank has a consensus rating of “Moderate Buy” and a consensus target price of $78.00.

Independent Bank Price Performance

Independent Bank stock opened at $70.80 on Friday. The firm has a market cap of $3.01 billion, a PE ratio of 15.39 and a beta of 0.76. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.95 and a quick ratio of 0.95. The stock’s fifty day moving average price is $67.61 and its two-hundred day moving average price is $60.11. Independent Bank Corp. has a one year low of $45.11 and a one year high of $77.23.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The company had revenue of $250.07 million for the quarter, compared to analysts’ expectations of $173.24 million. During the same quarter last year, the business earned $1.38 earnings per share. As a group, research analysts expect that Independent Bank Corp. will post 4.5 EPS for the current fiscal year.

Independent Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

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.