M&T Bank Corp Sells 2,075 Shares of Independent Bank Corp. (NASDAQ:INDB)

M&T Bank Corp cut its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 27.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,421 shares of the bank’s stock after selling 2,075 shares during the quarter. M&T Bank Corp’s holdings in Independent Bank were worth $321,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in INDB. Innealta Capital LLC bought a new position in shares of Independent Bank during the 2nd quarter valued at $73,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Independent Bank during the third quarter valued at about $222,000. Profund Advisors LLC purchased a new stake in Independent Bank during the second quarter valued at about $229,000. Los Angeles Capital Management LLC bought a new position in shares of Independent Bank during the third quarter valued at about $257,000. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of Independent Bank by 29.7% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 5,378 shares of the bank’s stock worth $273,000 after buying an additional 1,231 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Stock Down 5.4 %

Shares of NASDAQ:INDB opened at $65.74 on Thursday. The stock’s 50-day moving average is $68.30 and its 200 day moving average is $60.50. The company has a market cap of $2.79 billion, a PE ratio of 14.29 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. Independent Bank Corp. has a 1 year low of $45.11 and a 1 year high of $77.23.

Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. Independent Bank had a return on equity of 6.74% and a net margin of 20.26%. The firm had revenue of $250.07 million for the quarter, compared to analysts’ expectations of $173.24 million. During the same period in the previous year, the firm earned $1.38 earnings per share. Sell-side analysts anticipate that Independent Bank Corp. will post 4.5 EPS for the current year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Monday, December 30th will be given a $0.57 dividend. The ex-dividend date of this dividend is Monday, December 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.47%. Independent Bank’s dividend payout ratio is 49.57%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on INDB shares. Keefe, Bruyette & Woods increased their target price on Independent Bank from $77.00 to $82.00 and gave the company a “market perform” rating in a report on Thursday, December 12th. StockNews.com lowered Independent Bank from a “hold” rating to a “sell” rating in a research note 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 target price on the stock in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Independent Bank presently has an average rating of “Moderate Buy” and an average price target of $78.00.

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.