Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Tidal Investments LLC

Tidal Investments LLC lessened its position in Independent Bank Corp. (NASDAQ:INDB) by 55.4% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 3,817 shares of the bank’s stock after selling 4,743 shares during the period. Tidal Investments LLC’s holdings in Independent Bank were worth $226,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in INDB. Victory Capital Management Inc. lifted its position in Independent Bank by 25.2% in the second quarter. Victory Capital Management Inc. now owns 1,701,156 shares of the bank’s stock valued at $86,283,000 after purchasing an additional 342,201 shares during the period. Millennium Management LLC boosted its stake in shares of Independent Bank by 258.9% in the second quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock valued at $15,177,000 after buying an additional 215,860 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Independent Bank by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,157,917 shares of the bank’s stock worth $109,443,000 after acquiring an additional 186,680 shares during the period. Verition Fund Management LLC raised its position in Independent Bank by 1,697.7% in the third quarter. Verition Fund Management LLC now owns 132,435 shares of the bank’s stock worth $7,831,000 after acquiring an additional 125,068 shares in the last quarter. Finally, Great Lakes Advisors LLC acquired a new stake in Independent Bank in the second quarter valued at $5,405,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Independent Bank Price Performance

Shares of NASDAQ INDB opened at $66.11 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.22. The company’s 50-day moving average price is $68.73 and its 200 day moving average price is $61.03. Independent Bank Corp. has a 52 week low of $45.11 and a 52 week high of $77.23. The stock has a market cap of $2.81 billion, a price-to-earnings ratio of 14.37 and a beta of 0.76.

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

Independent Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 6th. Stockholders of record on Monday, December 30th will be issued a $0.57 dividend. The ex-dividend date of this dividend is Monday, December 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.45%. Independent Bank’s dividend payout ratio (DPR) is 49.57%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on INDB shares. Keefe, Bruyette & Woods increased their price target on shares of 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 cut shares of Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Finally, Raymond James raised 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 note on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $78.00.

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.