Bank of New York Mellon Corp decreased its position in shares of Independent Bank Corp (NASDAQ:INDB) by 3.2% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 546,245 shares of the bank’s stock after selling 17,967 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.99% of Independent Bank worth $40,778,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. increased its holdings in shares of Independent Bank by 8.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 1,566 shares of the bank’s stock worth $104,000 after buying an additional 120 shares during the last quarter. US Bancorp DE increased its holdings in shares of Independent Bank by 2.7% in the 2nd quarter. US Bancorp DE now owns 1,893 shares of the bank’s stock worth $126,000 after buying an additional 49 shares during the last quarter. D.A. Davidson & CO. grew its holdings in Independent Bank by 12.9% during the 2nd quarter. D.A. Davidson & CO. now owns 1,995 shares of the bank’s stock valued at $132,000 after purchasing an additional 228 shares during the last quarter. Sei Investments Co. grew its holdings in Independent Bank by 134,750.0% during the 3rd quarter. Sei Investments Co. now owns 2,697 shares of the bank’s stock valued at $202,000 after purchasing an additional 2,695 shares during the last quarter. Finally, Penobscot Investment Management Company Inc. bought a new position in Independent Bank during the 3rd quarter valued at about $215,000. Institutional investors and hedge funds own 79.74% of the company’s stock.
Several equities analysts recently commented on INDB shares. Zacks Investment Research downgraded shares of Independent Bank from a “buy” rating to a “hold” rating in a report on Monday, September 4th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $73.00 price objective on shares of Independent Bank in a research report on Tuesday, October 3rd. Finally, Compass Point cut shares of Independent Bank from a “buy” rating to a “neutral” rating and set a $76.00 price objective for the company. in a research report on Wednesday, October 11th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Independent Bank currently has an average rating of “Hold” and an average price target of $73.00.
Shares of Independent Bank Corp (INDB) traded down $1.45 on Friday, hitting $69.85. 72,199 shares of the stock traded hands, compared to its average volume of 73,697. Independent Bank Corp has a 52-week low of $57.20 and a 52-week high of $76.30. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market cap of $1,956.70, a PE ratio of 23.13 and a beta of 0.96.
Independent Bank (NASDAQ:INDB) last posted its earnings results on Thursday, October 19th. The bank reported $0.87 EPS for the quarter, missing the Zacks’ consensus estimate of $0.91 by ($0.04). Independent Bank had a net margin of 23.48% and a return on equity of 9.76%. The firm had revenue of $87.84 million for the quarter, compared to analysts’ expectations of $88.57 million. During the same period in the previous year, the company earned $0.78 EPS. The company’s revenue was up 12.5% on a year-over-year basis. equities analysts expect that Independent Bank Corp will post 3.41 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Tuesday, December 26th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, December 22nd. This represents a $1.28 dividend on an annualized basis and a yield of 1.83%. Independent Bank’s payout ratio is 42.38%.
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Independent Bank Profile
Independent Bank Corp. is a bank holding company. The Company operates through its subsidiary, Rockland Trust Company (the Bank). The Bank is a community-oriented commercial bank. Its community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.
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