Clearbridge Investments LLC Has $15.42 Million Stake in Independent Bank Corp. (NASDAQ:INDB)

Clearbridge Investments LLC cut its holdings in shares of Independent Bank Corp. (NASDAQ:INDB) by 2.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 304,065 shares of the bank’s stock after selling 6,316 shares during the period. Clearbridge Investments LLC’s holdings in Independent Bank were worth $15,422,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. EntryPoint Capital LLC acquired a new stake in shares of Independent Bank in the first quarter valued at about $47,000. Innealta Capital LLC bought a new position in Independent Bank in the second quarter valued at approximately $73,000. Profund Advisors LLC acquired a new position in shares of Independent Bank during the 2nd quarter worth approximately $229,000. Vanguard Personalized Indexing Management LLC raised its stake in shares of Independent Bank by 29.7% during 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, SG Americas Securities LLC boosted its holdings in shares of Independent Bank by 102.6% in the 1st quarter. SG Americas Securities LLC now owns 5,305 shares of the bank’s stock valued at $276,000 after buying an additional 2,687 shares during the last quarter. 83.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Seaport Res Ptn upgraded shares of Independent Bank from a “hold” rating to a “strong-buy” rating in a report on Monday, July 22nd. StockNews.com lowered shares of Independent Bank from a “hold” rating to a “sell” rating in a research note on Tuesday, September 17th.

Independent Bank Price Performance

NASDAQ:INDB opened at $57.97 on Friday. Independent Bank Corp. has a 12-month low of $44.63 and a 12-month high of $68.75. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of 11.19 and a beta of 0.74. The stock’s 50 day moving average price is $60.22 and its two-hundred day moving average price is $54.27. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.24.

Independent Bank (NASDAQ:INDB) last posted its quarterly earnings results on Thursday, July 18th. The bank reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.10. Independent Bank had a return on equity of 7.41% and a net margin of 22.42%. The business had revenue of $244.19 million for the quarter, compared to analysts’ expectations of $169.07 million. During the same quarter in the prior year, the business earned $1.42 EPS. On average, analysts anticipate that Independent Bank Corp. will post 4.68 earnings per share for the current year.

Independent Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 30th were paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend was Monday, September 30th. Independent Bank’s dividend payout ratio is presently 44.02%.

Independent Bank 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.