Independent Bank Corp. (NASDAQ:INDB) Shares Sold by Rockland Trust Co.

Rockland Trust Co. decreased its holdings in Independent Bank Corp. (NASDAQ:INDB) by 12.7% in the third quarter, HoldingsChannel.com reports. The firm owned 643,901 shares of the bank’s stock after selling 93,576 shares during the quarter. Independent Bank makes up 1.9% of Rockland Trust Co.’s holdings, making the stock its 13th biggest holding. Rockland Trust Co.’s holdings in Independent Bank were worth $38,074,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of Independent Bank by 59.0% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 5,737 shares of the bank’s stock valued at $291,000 after acquiring an additional 2,129 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Independent Bank by 26.5% during the second quarter. Point72 Asset Management L.P. now owns 8,600 shares of the bank’s stock valued at $436,000 after acquiring an additional 1,800 shares during the last quarter. Algert Global LLC raised its holdings in shares of Independent Bank by 9.2% during the second quarter. Algert Global LLC now owns 50,706 shares of the bank’s stock valued at $2,572,000 after acquiring an additional 4,277 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Independent Bank by 258.9% during the second quarter. Millennium Management LLC now owns 299,234 shares of the bank’s stock valued at $15,177,000 after acquiring an additional 215,860 shares during the last quarter. Finally, Dark Forest Capital Management LP acquired a new position in shares of Independent Bank during the second quarter valued at approximately $478,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on INDB. Seaport Res Ptn raised Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th.

Independent Bank Price Performance

INDB stock opened at $57.21 on Friday. The firm has a market capitalization of $2.43 billion, a PE ratio of 11.04 and a beta of 0.74. Independent Bank Corp. has a 1 year low of $44.63 and a 1 year high of $68.75. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.95 and a quick ratio of 0.95. The business has a 50 day simple moving average of $60.35 and a 200-day simple moving average of $54.21.

Independent Bank (NASDAQ:INDB) last issued its quarterly earnings data on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.10. The company had revenue of $244.19 million during the quarter, compared to analyst estimates of $169.07 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 $1.42 earnings per share. Equities research analysts anticipate that Independent Bank Corp. will post 4.68 earnings per share for the current fiscal year.

Independent Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 30th will be given a $0.57 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.99%. Independent Bank’s payout ratio is 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.