7,358 Shares in Independent Bank Corp. (NASDAQ:INDB) Purchased by Entropy Technologies LP

Entropy Technologies LP purchased a new stake in shares of Independent Bank Corp. (NASDAQ:INDB) in the 3rd quarter, Holdings Channel reports. The fund purchased 7,358 shares of the bank’s stock, valued at approximately $435,000.

Other hedge funds have also recently bought and sold shares of the company. Edgestream Partners L.P. boosted its holdings in shares of Independent Bank by 462.0% in the 1st quarter. Edgestream Partners L.P. now owns 52,784 shares of the bank’s stock valued at $2,746,000 after buying an additional 43,391 shares during the last quarter. Virtu Financial LLC acquired a new stake in Independent Bank in the first quarter valued at $461,000. Hennessy Advisors Inc. grew its position in shares of Independent Bank by 20.7% in the 2nd quarter. Hennessy Advisors Inc. now owns 35,000 shares of the bank’s stock valued at $1,775,000 after acquiring an additional 6,000 shares during the period. Great Lakes Advisors LLC acquired a new position in shares of Independent Bank during the 2nd quarter worth about $5,405,000. Finally, Eastern Bank raised its holdings in shares of Independent Bank by 454.7% in the 3rd quarter. Eastern Bank now owns 23,237 shares of the bank’s stock valued at $1,374,000 after purchasing an additional 19,048 shares during the period. 83.40% of the stock is currently owned by institutional investors.

Independent Bank Trading Up 0.5 %

Shares of INDB stock opened at $72.22 on Friday. Independent Bank Corp. has a 12-month low of $45.11 and a 12-month high of $75.63. The company has a market capitalization of $3.07 billion, a PE ratio of 15.70 and a beta of 0.73. The firm has a 50 day moving average price of $62.39 and a two-hundred day moving average price of $57.09. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.22.

Independent Bank (NASDAQ:INDB) last released its quarterly earnings results on Thursday, October 17th. The bank reported $1.01 earnings per share for the quarter, topping 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 business had revenue of $250.07 million during the quarter, compared to analysts’ expectations of $173.24 million. During the same period last year, the firm posted $1.38 EPS. As a group, analysts predict that Independent Bank Corp. will post 4.5 earnings per share for the current year.

Independent Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Monday, September 30th were paid a $0.57 dividend. The ex-dividend date was Monday, September 30th. This represents a $2.28 annualized dividend and a dividend yield of 3.16%. Independent Bank’s dividend payout ratio (DPR) is presently 49.57%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. StockNews.com cut Independent Bank from a “hold” rating to a “sell” rating in a report on Tuesday, September 17th. Keefe, Bruyette & Woods lifted their target price on Independent Bank from $62.00 to $65.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. Seaport Res Ptn upgraded Independent Bank from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 22nd. Finally, Raymond James raised shares of Independent Bank from a “market perform” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, one has given a hold rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $69.50.

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.